Net loss for the second quarter of fiscal 2011 was $9.6 million, or $0.31 per diluted share, compared to a net loss for the second quarter of fiscal 2010 of $6.8 million, or $0.22 per diluted share. The second quarter of fiscal 2011 included approximately $0.03 per diluted share in costs related to the recent change in the President of the dELiA*s Brand.
The provision for income tax expense for the second quarter of fiscal 2011 was $50,000, or $0.00 per diluted share, compared to a benefit for income taxes of $2.3 million, or $0.07 per diluted share, for the prior year period.
Results by Segment
Retail Segment ResultsTotal revenue for the retail segment for the second quarter of fiscal 2011 increased 8.4% to $26.4 million from $24.4 million in the second quarter of fiscal 2010. Retail comparable store sales increased 7.2% for the second quarter of fiscal 2011 compared to a decrease of 6.8% for the second quarter of fiscal 2010. Gross margin for the retail segment, which includes distribution, occupancy and merchandising costs, was 16.0% compared to 16.5% in the prior year period. The decrease in gross margin resulted from lower merchandise margins and increased inventory obsolescence, partially offset by occupancy cost leverage. SG&A expenses for the retail segment were $11.8 million, or 44.7% of sales, in the second quarter of fiscal 2011 compared to $11.7 million, or 48.2% of sales, in the prior year period. The decrease in SG&A expenses as a percentage of sales was driven by selling and overhead expense leverage. The operating loss for the second quarter of fiscal 2011 for the retail segment was $7.5 million compared to $7.7 million in the prior year period. The Company remodeled one store location during the second quarter of fiscal 2011, ending the period with 115 stores.
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