Home / Knowledge / News / Textiles / Gross margin up at Bluefly

Gross margin up at Bluefly

22
Feb '10
Bluefly, Inc. a leading online retailer of designer brands, fashion trends and superior value, announced increased gross margin percentage, continued reductions in operating expenses, operating and net loss, and an increase in adjusted EBITDA for the full year and fourth quarter of 2009.

“I am very proud of what we have been able to accomplish this year.” said Melissa Payner, Bluefly's Chief Executive Officer. “In arguably the most difficult of economic times we have emerged stronger. We were profitable in the fourth quarter and were both adjusted EBITDA and cash flow positive from operations for the year. These results have provided a solid base for growth in 2010. With the added support of our new investors we believe we are not only positioned for growth in 2010, but we will be able to bring our customers an even greater offering of on-trend designer apparel and accessories and introduce new customers to the deal that is Bluefly.”

Results for the fourth quarter of 2009 included the following:

• Net revenue decreased by approximately 11.1% to $24.4 million from $27.4 million in the fourth quarter of 2008, as a result of the Company's planned decrease in inventory purchases for the quarter in response to the overall decline in consumer spending.
• Gross margin percentage increased to 41.3% from 37.0% in the fourth quarter of 2008 as a result of increases in product margin.
• Operating expenses decreased by approximately 15.2% to $9.6 million from $11.3 million in the fourth quarter of 2008. The reduction in operating expenses resulted from a decrease of $597,000 in selling and fulfillment expenses, a decrease of $1.7 million in marketing expenses and a reduction in non-cash share-based compensation expense of approximately $304,000, which was offset by an increase in salary and salary related general and administrative expenses of approximately $972,000.
• Operating income of $449,000 as compared to an operating loss of $1.2 million in the fourth quarter of 2008.
• Net loss available to common stockholders decreased to $148,000 from approximately $1.4 million in the fourth quarter of 2008. Included in net loss is $437,000 of non-cash expense related to the Company's convertible notes. Loss per share decreased to $0.01 per share (based on 14.5 million weighted average shares outstanding) compared to a loss per share of $0.10 per share (based on 13.6 million weighted average shares outstanding) in the fourth quarter of 2008.
• Adjusted EBITDA increased to positive $1.3 million from a positive adjusted EBITDA of $79,000 in the fourth quarter of 2008.
• Average order size increased to $274.83 in the fourth quarter of 2009 compared to $271.98 in the fourth quarter of 2008.
• Cash and cash equivalents increased to $10.0 million at December 31, 2009 compared to $4.0 million at December 31, 2008 primarily as a result of the December 2009 private placement.
• Inventory decreasedto $17.7 million at December 31, 2009 compared to $23.2 million at December 31, 2008.


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Arup Chakraborty,

Arup Chakraborty

Mirrorsize is a US-based start-up that provides artificial intelligence...

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search