Body Central Q4'FY13 store sales droop 19.5%

26 Mar '14

3 min read

Body Central Corp. announced financial results for the thirteen weeks ended December 28 fourth quarter of 2013.

Highlights for the thirteen weeks ended December 28, 2013:

-Net revenues for the quarter decreased 18.3% to $66.2 million, compared to $81.0 million for the fourth quarter of 2012.

-Store sales decreased 19.5% to $59.4 million due to a comparable-store sales decrease of -26.0%, partially offset by a net increase of 18 stores from the fourth quarter last year.

-Direct sales decreased by 6.9% to $6.7 million from $7.2 million in the fourth quarter last year.

-The loss from operations was $26.6 million, as compared to income from operations of $3.9 million for the fourth quarter in 2012.

-The net loss was $23.3 million, or $(1.42) per diluted share based on 16.4 million weighted average shares outstanding. This includes an $11.1 million, or $(0.68) per diluted share, goodwill impairment charge related to the stores operating segment. Excluding the $11.1 million goodwill impairment charge, the net loss would have been $12.1 million, or $(0.74) per diluted share. Net income for the fourth quarter of 2012 was $2.4 million, or $0.15 per diluted share based on 16.3 million weighted average shares outstanding.

-The Company opened 3 new stores during the fourth quarter of 2013 and operated 294 stores as of December 28, 2013.

These results have had a negative impact on our liquidity. As a result, we have taken several actions to increase our liquidity which we believe should be adequate to finance our working capital needs through 2014, if we are successful in executing our business plan. However, the Company has suffered losses and negative cash flows from operations that raise substantial doubt about our ability to continue as a going concern.

More Apparel/Garments News - United States Of America...