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current news

Frederick’s: 3rd Quarter Loss of $643,000

(Filed Under Financial and General Interest News). Frederick’s of Hollywood Group Inc. lost $643,000 on sharply declining sales of $23,293,000 in its fiscal third quarter 2013, compared to a profit of $3,313,000 on sales of 30,181,000 during the same period last year. In addition the retailer has reduced, since mid-March, the number of its retail outlets by three, bringing the current total to 112.

“Over the past several months we have secured additional capital resources that will support our business and offer a new level of flexibility when working with vendors to invigorate our merchandising strategy,” stated Thomas Lynch, the company’s chairman and CEO. He cited an increase in the company’s first-in-last-out credit line of $5 million (from $9 million to $14 million) and a $10 million capital infusion, both of which occurred in recent months.

Somewhat offsetting this, however, is the fact that the company reported combined losses for the first nine months of the current fiscal year of $15,836,000 (compared to a loss of $2,557,000 in the nine months ending April 28, 2012). In addition, sales dropped to $70,036,000 for the nine months ending April 27, 2013, compared sales of $91,064,000 for the same period in the prior year.

In remarks that accompanied the reporting, Lynch noted, “The planned changes we are making in our product lines, which include expanding our offering of core intimate apparel products, are aimed towards reconnecting the Frederick’s of Hollywood brand with customers and driving future sales. We expect these changes to be available for customers in several months.”

Comparing the fiscal third quarter 2013 to the same period last year, the company reported that “Net sales decreased 22.8% to $23.3 million from $30.2 million,” and that “Comparable store sales decreased 20.5%” and “Total store sales decreased 23.6% to $14.5 million.” In addition, “Direct sales decreased 16.7% to $8.0 million.”

According to Frederick’s, “Other revenue, consisting of shipping revenue, commissions earned on direct sell-through programs, breakage on gift cards and product sales to our licensing partner in the Middle East, decreased 50.6% to $0.8 million,” from the fiscal third quarter this year compared to last. And “Gross margin, as a percentage of net sales, was 39.9% as compared to 50.8%. Selling, general and administrative expenses decreased by $1.5 million to $10.1 million, or 43.3% of sales, from $11.6 million, or 38.3% of sales.”

Commenting on the effect of fresh capital, Lynch said, “We recently increased our FILO Advance credit line with Salus Capital Partners to $14 million, which followed a $10 million capital infusion from Five Island Asset Management in the third quarter of fiscal 2013. This capital has played an important role in stabilizing our business and we believe will enable us to improve sales by maintaining appropriate inventory levels. We are pleased to have the ongoing support of our investors and lender, and believe they share management’s long-term vision for Frederick’s of Hollywood.”

more Financial and General Interest News >>

Published 06-12-2013 by Nick Monjo

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