Bombay direct-to-customer business grow up $13.4 mn

23 Mar '07

3 min read

Results for the fourth quarter of Fiscal 2006 include a $10.2 million charge for asset impairments comprised of $9.8 million associated with underperforming stores and $0.4 million associated with goodwill. During Fiscal 2005, the Company recorded a $5.9 million impairment charge relating to underperforming stores.

Selling, general and administrative costs declined $4.7 million compared to the fourth quarter of Fiscal 2005 primarily due to lower advertising costs as the Company shifted its marketing focus to email marketing and reduced its reliance on other marketing vehicles.

Income before income taxes for the quarter ended February 3, 2007 was $1.4 million compared to a loss of $1.5 million for the quarter ended January 28, 2006. Income tax expense for the quarter was an expense of $3.1 million relating to the Company's Canadian and state tax liabilities compared to the prior year expense of $23.6 million which related to the establishment of a valuation allowance against the Company's federal deferred tax assets.

The net loss for the quarter ended February 3, 2007 was $1.7 million, or $0.05 per share, compared to a net loss of $25.1 million, or $0.69 per share, for the corresponding period of the prior year.

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The Bombay Company Inc

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