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Bluefly reports 17% growth in net sales
17
Feb '11
Bluefly Inc, a leading online retailer of designer brands, fashion trends and superior value, announced a 17% and 9% increase in net sales for the fourth quarter and full year of 2010, respectively, and an increase in operating income for the fourth quarter of 2010.

Melissa Payner, Bluefly's Chief Executive Officer, stated: “Our strategic investment in inventory complimented by the success of our Closet Confessions marketing campaign drove increased average order size and new customer acquisition leading to double digit topline sales which resulted in a profitable fourth quarter. As we begin fiscal 2011, we are pleased with our positioning.

“Our priorities are focused on continuing to expand our customer base as we present sought after brands, the latest trends and great value in a convenient way to shop online. In addition, we see opportunity to develop our higher margin contemporary business as the year progresses and are enthusiastic about the potential of our fragrance and eyewear launches. In total, we expect fiscal 2011 to represent another year of accomplishments in our ongoing efforts to increase shareholder value.”

Results for the fourth quarter of 2010 included the following highlights:

• Net sales increased by approximately 17% to $28.6 million from $24.4 million in the fourth quarter of 2009, as a result of a 7% increase in average order size to $293.36 in the fourth quarter of 2010, compared to $274.83 in the fourth quarter of 2009.
• Gross profit margin percentage decreased to 34.9%, from 41.3% in the fourth quarter of 2009 as a result of sales growth driven by the increase in demand for luxury designer merchandise, which historically carries lower gross margin compared to contemporary merchandise, and an increase in our provision for inventory obsolescence resulting from an overall increase in inventory balances during the fourth quarter related to our investment in inventory to support overall sales growth.
• Total operating expenses increased slightly to $9.7 million, from $9.6 million in the fourth quarter of 2009. The slight increase in total operating expenses was attributable to increases in selling and fulfillment expenses of $293,000 and marketing expenses of $735,000, which were partially offset by a decrease in general and administrative expenses of $982,000.
• Operating income was $308,000, compared to $449,000 in the fourth quarter of 2009.
• Net income of $269,000 compared to a net loss of $148,000 in the fourth quarter of 2009. As a result, the Company's basic and diluted earnings per share was $0.01 per share (based on approximately 24.6 million weighted average shares outstanding – basic and 24.7 million weighted average shares outstanding – diluted) compared to a loss per share of $0.01 per share (based on 14.5 million weighted average shares outstanding – basic and diluted) in the fourth quarter of 2009.
• Adjusted EBITDA was $1.1 million, compared to an adjusted EBITDA of $1.3 million in the fourth quarter of 2009.


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