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Celebrate Express alters revenue & financial guidance
09 Jun '06
4 min read
The Company also announced that it would immediately begin an orderly discontinuation of its Storybook Heirlooms brand, which is expected to represent approximately 10 percent of the Company's Fiscal 2006 net revenues.
Mr. Green said, "After years of losses and a strategic evaluation of the marketplace for girls' special occasion clothing, we have reached a decision to quickly wind down the operations of Storybook Heirlooms. Our evaluation indicated that the Company and its shareholders would be better served by reallocating internal resources previously directed to Storybook to focus on Birthday Express and the larger growth opportunity present in Costume Express. We expect this decision will have a favorable impact on fiscal 2007 earnings."
Mr. Green stated, "Revenues in the month of April fell short of our targets and we were unable to make up the difference in May. Despite the softness that we, like other retailers, experienced in April, we achieved strong year over year revenue growth for the fourth fiscal quarter, which we expect will range from 21 Percent to 23 percent.
We are aware that recent volatility in consumer demand may continue into the first quarter of our new fiscal year. However, we remain confident about the strength of our brands and the opportunity for strong, sustained revenue growth as we continue to increase our market share and cross-market our brands to our growing customer base."
The Company reported thatfulfillment expenses and shipping costs were pressured by inefficiencies in the distribution center related to the ongoing transition to the new picking system. Mr. Green continued, "The installation of the initial phase of the new picking process in our distribution center for Birthday Express is progressing.
Mr. Green said, "After years of losses and a strategic evaluation of the marketplace for girls' special occasion clothing, we have reached a decision to quickly wind down the operations of Storybook Heirlooms. Our evaluation indicated that the Company and its shareholders would be better served by reallocating internal resources previously directed to Storybook to focus on Birthday Express and the larger growth opportunity present in Costume Express. We expect this decision will have a favorable impact on fiscal 2007 earnings."
Mr. Green stated, "Revenues in the month of April fell short of our targets and we were unable to make up the difference in May. Despite the softness that we, like other retailers, experienced in April, we achieved strong year over year revenue growth for the fourth fiscal quarter, which we expect will range from 21 Percent to 23 percent.
We are aware that recent volatility in consumer demand may continue into the first quarter of our new fiscal year. However, we remain confident about the strength of our brands and the opportunity for strong, sustained revenue growth as we continue to increase our market share and cross-market our brands to our growing customer base."
The Company reported thatfulfillment expenses and shipping costs were pressured by inefficiencies in the distribution center related to the ongoing transition to the new picking system. Mr. Green continued, "The installation of the initial phase of the new picking process in our distribution center for Birthday Express is progressing.
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