dELiA*s, Inc. results for the first quarter of 2013 reflect its Alloy business as a discontinued operation for all periods presented. As previously disclosed, the Company has retained Janney Montgomery Scott LLC to assist in the potential disposition of the Alloy brand.
First Quarter Fiscal 2013 Highlights:
Total revenue decreased 14.6% to $35.2 million from $41.2 million in the first quarter of fiscal 2012. Revenue from the retail segment decreased 14.4% to $24.7 million, including a comparable store sales decrease of 7.1% and an 8% reduction in store count. Revenue from the direct segment decreased 15.3% to $10.5 million.
Consolidated gross margin was 23.8% compared to 31.6% in the prior year quarter, primarily due to increased inventory reserves, as well as lower merchandise margins in the retail segment.
Loss from continuing operations was $9.2 million compared to a loss from continuing operations for the first quarter of fiscal 2012 of $4.3 million. Overhead expenses previously allocated to the Alloy business have now been reallocated to continuing operations for both fiscal 2013 and 2012. These costs were approximately $1.5 million for the first quarter of fiscal 2013.
Walter Killough commented, “We were disappointed with our first quarter performance, which we believe was the result of product offerings that did not align with our customers’ preferences coupled with a challenging retail environment underpinned by unseasonable weather.
"We have taken aggressive action to work through our current inventory and began to make adjustments to our product offerings which have already yielded improved results. With the potential disposition of Alloy, we are currently evaluating our cost structure in order to right-size the business.”
Domestic manufacturers would get an edge over imported products
Key Textile Accessories Private Limited
Chinese imports are destroying the supply chain
Indian retail players
Walmart's acquisition of Flipkart endorses the humongous opportunities in...
A textile finishing solution provider, Inspiron Engineering Private...
Switzerland-based Benninger is a leading manufacturer of technologically...
Bierrebi designs and manufactures automatic machines that cut fabric into...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Sailesh Singhania Label
The Sailesh Singhania label was created to promote handwoven sarees and...
Bani Batra’s couture wedding collection is inspired by traditional Indian...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...