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current news

Frederick’s Reports Weak 2q


(Filed Under Financial and General Interest News). Frederick’s of Hollywood Group Inc. once again reported weak results during the second quarter ended January 29, with net sales decreasing 11.3 percent, to $32.6 million, a total store sales decrease of 19.8 percent and a comparable store sales drop of 16.5 percent. Direct sales, which include catalog and website operations, increased 2.2 percent.

Despite these losses, Thomas Lynch, chairman and C.E.O of Frederick’s of Hollywood, attempted to reassure investors. “Although we are disappointed with our lower retail store sales, we continue to make significant progress in improving our overall retail business,” he said in a statement. “We primarily attribute these lower sales to late deliveries of merchandise, which result from credit limits imposed by certain of our vendors prior to the sale of our wholesale division. These late deliveries, coupled with our conservative expectations for the holiday season, resulted in lower than optimal inventory levels. Due to our improved financial condition following the sale of the wholesale division, our vendors have increased the credit limits that they offer us, which we believe will result in timely product deliveries going forward.”

The company also cited a widened net loss during the quarter, totaling $2.8 million from $2.3 million during the same period last year. Net loss applicable to common shareholders was $3.3 million, or 8 cents per diluted share, compared to a net loss of $4.9 million, or 18 cents per diluted share. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations was a loss of $1.3 million compared to a loss of $0.4 million.

Lynch concluded that Frederick’s will continue to focus on “[implementing] changes in our business strategy through our various operating initiatives, including developing our brand into a sexy lifestyle brand, partnering with strategic product licenses, exploring opportunities with international partners and evolving our customer contact strategy through both print and e-commerce.”

Frederick’s of Hollywood, through its subsidiaries, sells women’s intimate apparel, swimwear and related products under the Frederick’s of Hollywood name to 126 specialty stores, a catalog and a website.


more Financial and General Interest News >>

Published 03-17-2011 by Amanda Torres Price

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