- Net sales increased by approximately 7.2% to $21.7 million, from $20.2 million in the first quarter of 2010, as a result of a 6% increase in average order size to $296.60 in the first quarter of 2011, compared to $279.94 in the fourth quarter of 2010.
- Gross profit margin percentage decreased to 37.8%, from 41.2% in the first quarter of 2010 primarily as a result of a shift in merchandise mix towards luxury designer merchandise, which historically has lower gross margins compared to contemporary merchandise but creates a higher average order size.
- Total operating expenses decreased by approximately 3.5% to $9.4 million, from $9.8 million in the first quarter of 2010. This includes $148,000 of costs related to Eyefly, which has not yet launched.
- Operating loss decreased by approximately 13.8% to $1.2 million, from $1.4 million in the first quarter of 2010.
- Net loss attributable to stockholders decreased by approximately 14.9% to $1.3 million, from $1.5 million in the first quarter of 2010. Loss per share attributable to stockholders decreased to $0.05 per share (based on 24.6 million weighted average shares outstanding), from a net loss of $0.07 per share (based on 20.9 million weighted average shares outstanding) in the first quarter of 2010.
- Adjusted negative EBITDA decreased to $298,000, from an adjusted negative EBITDA of $716,000 in the first quarter of 2010.
- Cash and cash equivalents decreased to $7.8 million at March 31, 2011, compared to $10.4 million at December 31, 2010.
- Inventory increased to $27.1 million at March 31, 2011, compared to $25.1 million at December 31, 2010.
Bluefly Reports First Quarter 2011 Results
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