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Body Central ends the year with strong balance sheet
28
Mar '11
Body Central Corp announced financial results for the fourth quarter and fiscal year 2010.

Highlights for the fourth quarter ended January 1, 2011:

• Net revenues for the fourth quarter increased 26.1% to $67.1 million, compared to $53.2 million for the fourth quarter of 2009.
• Store sales rose 29.9% to $60.4 million driven by a comparable-store sales increase of 14.9% and net store unit growth.
• Operating margin increased to 9.0% of net revenues. Excluding $1.2 million in non-recurring costs related to the Company's initial public offering, adjusted operating margin increased to 10.8% for the quarter which compares to an operating margin of 6.3% for the same period last year.
• Net income was $2.7 million, or $0.18 per diluted share based upon 15.6 million weighted average shares outstanding, compared to net income of $1.5 million or $0.12 per diluted share based upon 12.2 million weighted average shares outstanding for the fourth quarter of 2009.
• Excluding $1.2 million of non-recurring costs mentioned above, as well as a $793,000 charge related to the early repayment of debt, net income for the fourth quarter was $3.9 million or $0.25 per diluted share.
• The Company opened a net of five new stores during the fourth quarter and operated 209 stores as of January 1, 2011.

Highlights for the fiscal year 2010 ended January 1, 2011:

• Net revenues increased 22.4% to $243.4 million from $198.8 million for fiscal year 2009.
• Store sales rose 26.7% to $209.4 million and comparable-store sales increased 14.8% from fiscal year 2009.
• Operating margin increased to 8.2% of net revenues. Excluding $1.2 million in non-recurring costs related to an initial public offering, adjusted operating margin increased to 8.7% for the year which compares to an operating margin of 4.1% for the fiscal year 2009.
• Net income was $9.8 million, or $0.73 per diluted share based upon 13.4 million weighted average shares outstanding, as compared to net income of $2.8 million or $0.23 per diluted share based upon 12.2 million weighted average shares outstanding for the fiscal year 2009.
• Excluding $1.2 million of non-recurring costs mentioned above, as well as a $793,000 charge related to the early repayment of debt, net income for the fiscal year 2010 was $11.0 million or $0.82 per diluted share.

Allen Weinstein, Body Central's President and CEO, stated: "Our performance in both the fourth quarter and full year 2010 reflect the ongoing strength of our business. In addition to significantly growing our sales and profits, we installed two new systems which will support our future growth and opened 27 new stores which are performing above plan. We also ended the year with a strong balance sheet and no debt. Looking ahead, we are comfortable with current inventory levels and well positioned to begin the spring season."

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