(Filed Under Financial and General Interest News). Frederick’s of Hollywood showed better comparable store sales in the fourth quarter, but ultimately ended fiscal year 2011 in the red.
The company’s net loss applicable to shareholders narrowed to $7.2 million, or 19 cents a share, compared to a net loss of $12.5 million, or 35 cents a share, in the fourth quarter of fiscal 2010. Sales decreased 11.3 percent to $25.8 million from $29.1 million in last year’s period.
"This is the beginning of a new era for Frederick’s of Hollywood," stated Thomas Lynch, chairman and C.E.O. of Frederick’s. "With the appointment of retail industry veteran Don Jones as our president and C.O.O. ... we are already experiencing positive results at the register. For the months of August and September, we reported a 0.2 percent and 8.7 percent increase in same-store sales. These preliminary results give us confidence that the impact of our initiatives will continue to enhance our business and contribute positively to our financial results in fiscal 2012 and beyond."
For the full year, sales fell 10.6 percent to $119.6 million from $133.9 million in 2010. 2011 losses narrowed to $12.1 million, or 31 cents a share, down from $21.6 million, or 74 cents a share.
Lynch stated that the company has several initiatives lined up for fiscal 2012, including new marketing campaigns and a website revamp as well as planned national and international licensing agreements.
Frederick’s of Hollywood Group, Inc. operates 123 stores as well as Fredericks.com and mails 15.3 million catalogs a year.
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