Home / Knowledge / News / Apparel/Garments / FOH reports fiscal 2010 Q4 & year-end financial results
FOH reports fiscal 2010 Q4 & year-end financial results
26
Oct '10
Frederick's of Hollywood Group Inc. announced financial results for its fiscal 2010 fourth quarter and year ended July 31, 2010.

Thomas Lynch, the Company's Chairman and Chief Executive Officer, stated, "We have made significant improvements to our business throughout fiscal 2010. This has included advancing our strategy to become a sexy lifestyle brand and a focus on web-based initiatives to increase online sales. We also have strengthened our balance sheet, setting a clear path for the Company's future growth.

"In the fourth quarter of fiscal 2010, we entered into four separate multi-year licensing agreements with licensees to manufacture, distribute and market swimwear, sexy Halloween costumes, jewelry and accessories under the Frederick's of Hollywood® brand. These agreements have effectively launched our licensing program and are leading the way for Frederick's of Hollywood to become a comprehensive lifestyle brand for sexy women. Each agreement will ramp up separately over the next year and generate new, higher margin revenue compared to our traditional retail and direct to consumer operations."

Fiscal 2010 Fourth Quarter Compared to Fiscal 2009 Fourth Quarter:

• Net loss from continuing operations increased to $4.9 million from $3.3 million.
o Excluding an impairment of long-lived assets of $1.7 million compared to $0.2 million, net loss from continuing operations was $3.2 million compared to $3.1 million.
• Adjusted EBITDA from continuing operations was a loss of $1.9 million compared to a loss of $1.6 million. A reconciliation of GAAP results to Adjusted EBITDA, a non-GAAP measurement, is provided in the accompanying table.
• Gross margin, as a percentage of net sales, was 34.1% compared to 34.2%.
• Selling, general and administrative expenses decreased by 3.0% to $12.9 million, or 44.1% of sales, from $13.2 million or 42.8% of sales.
• Net sales decreased 5.9% to $29.1 million from $30.9 million.
o Total store sales decreased 5.5% while comparable store sales decreased 3.5%.
o Direct sales (catalog and website operations) decreased 4.2%.
• Net loss from discontinued operations increased to $7.5 million from $3.6 million.
• Net loss applicable to common shareholders was $12.5 million or $(0.35) per diluted share, compared to a net loss of $7.0 million or $(0.27) per diluted share.

Fiscal Year Ended July 31, 2010 Compared to Fiscal Year Ended July 25, 2009:

• Net loss from continuing operations decreased to $8.8 million from $13.5 million.
o Excluding an impairment of long-lived assets of $1.7 million compared to $0.2 million and a goodwill impairment of $6.7 million in the prior year, net loss from continuing operations was $7.1 million compared to $6.6 million.
• Adjusted EBITDA from continuing operations was a loss of $1.2 million compared to a loss of $0.6 million. A reconciliation of GAAP results to Adjusted EBITDA, a non-GAAP measurement, is provided in the accompanying table.


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search