Interviews
News Flash
Decrease in wholesale sales of William Rast brand
17 Aug '10
6 min read
Net loss for the second quarter of 2010 was approximately $0.5 million, or $(0.01) per diluted share on 36.0 million shares outstanding, compared to net income of $0.8 million, or $0.03 per diluted share on the same number of outstanding shares in the second quarter of 2009.
Net loss attributable to common stockholders for the second quarter of 2010 was approximately $0.2 million, compared with a net income attributable to common stockholders of approximately $1.0 million in the second quarter of 2009.
The increase in net loss to common stockholders was due primarily to a decrease in net revenue due to the loss of the income from the Charlotte Russe contract, partially offset by decreased selling, design and production expenses, as previously discussed, and an increase in noncontrolling interest in subsidiaries' earnings.
Six Months Ended June 30, 2010
For the first six months of 2010, net sales decreased 13.0% to $15.2 million, from $17.5 million in the same period in the prior year. Gross profit increased 0.4% to $8.1 million, or 53.4% of net sales, in the first six months of 2010, from $8.1 million, or 46.3% of net sales, in the first six months of 2009.
Total operating expenses for the first six months of 2010 were $9.5 million, compared to $8.6 million a year ago. Net loss for the first six months of 2010 was $1.5 million, compared to $0.6 million in the first six months of 2009. This increase was due primarily to increased operating expenses incurred during the period.
Net loss attributable to common stockholders for the first six months of 2010 was $0.7 million, or $0.02 per diluted share, compared to net income attributable to common stockholders of $0.2 million, or $0.01 per diluted share, for the comparable period in 2009.
The increase in net loss attributable to common stockholders during the six months ended June 30, 2010 compared to net income attributable to common stockholders for the six months ended June 30, 2009 is due primarily to increased retail operating expenses incurred during the period and a decrease in noncontrolling interest in subsidiaries' earnings. The decrease in net revenue during the six months ended June 30, 2010 compared to the six months ended June 30, 2009 was offset by a corresponding increase in gross margin during the period.
Restatement of Financial Statements
As further described in the Company's Form 10-Q for the period ended June 30, 2010, the Company has restated its financial statements for the years ended December 31, 2008 and 2009, including the quarterly periods within those years, and for the three months ended March 31, 2010.
Los Angeles-based People's Liberation designs and distributes high-end casual apparel under the brand names “People's Liberation,” “William Rast” and, in the United States, “J.Lindeberg.” The majority of the merchandise the Company offers consists of premium denim, knits, wovens, leather goods, golf wear and outerwear for men and women.
Net loss attributable to common stockholders for the second quarter of 2010 was approximately $0.2 million, compared with a net income attributable to common stockholders of approximately $1.0 million in the second quarter of 2009.
The increase in net loss to common stockholders was due primarily to a decrease in net revenue due to the loss of the income from the Charlotte Russe contract, partially offset by decreased selling, design and production expenses, as previously discussed, and an increase in noncontrolling interest in subsidiaries' earnings.
Six Months Ended June 30, 2010
For the first six months of 2010, net sales decreased 13.0% to $15.2 million, from $17.5 million in the same period in the prior year. Gross profit increased 0.4% to $8.1 million, or 53.4% of net sales, in the first six months of 2010, from $8.1 million, or 46.3% of net sales, in the first six months of 2009.
Total operating expenses for the first six months of 2010 were $9.5 million, compared to $8.6 million a year ago. Net loss for the first six months of 2010 was $1.5 million, compared to $0.6 million in the first six months of 2009. This increase was due primarily to increased operating expenses incurred during the period.
Net loss attributable to common stockholders for the first six months of 2010 was $0.7 million, or $0.02 per diluted share, compared to net income attributable to common stockholders of $0.2 million, or $0.01 per diluted share, for the comparable period in 2009.
The increase in net loss attributable to common stockholders during the six months ended June 30, 2010 compared to net income attributable to common stockholders for the six months ended June 30, 2009 is due primarily to increased retail operating expenses incurred during the period and a decrease in noncontrolling interest in subsidiaries' earnings. The decrease in net revenue during the six months ended June 30, 2010 compared to the six months ended June 30, 2009 was offset by a corresponding increase in gross margin during the period.
Restatement of Financial Statements
As further described in the Company's Form 10-Q for the period ended June 30, 2010, the Company has restated its financial statements for the years ended December 31, 2008 and 2009, including the quarterly periods within those years, and for the three months ended March 31, 2010.
Los Angeles-based People's Liberation designs and distributes high-end casual apparel under the brand names “People's Liberation,” “William Rast” and, in the United States, “J.Lindeberg.” The majority of the merchandise the Company offers consists of premium denim, knits, wovens, leather goods, golf wear and outerwear for men and women.
People's Liberation Inc
Popular News
Leave your Comments
Editor’s Pick
Yohan Lawrence
Joint Apparel Association Forum (JAAFSL)
Dr. Sameer Sood
National Institute of Fashion Technology
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
