Direct Segment Results
Total revenue for the direct segment for the second quarter of fiscal 2011 decreased 4.8% to $18.0 million from $18.9 million in the prior year period.
Gross margin for the direct segment was 43.1% compared to 44.4% in the second quarter of the prior year, primarily resulting from decreased postage, handling and other revenue, partially offset by increased merchandise margins.
SG&A expenses for the direct segment were $9.6 million, or 53.6% of sales, compared to $9.8 million, or 52.0% of sales, in the prior year period. The decrease in SG&A expenses in dollars reflects reduced selling expenses.The operating loss for the second quarter of fiscal 2011 for the direct segment was $1.9 million as compared to $1.4 million in the prior year period. First Six Month Results For the six-month period ended July 30, 2011, total revenue increased 0.3% to $93.5 million from $93.2 million for the prior year period. Total gross margin was 30.4% compared to 30.1% for the prior year period. SG&A expenses were $43.3 million, or 46.3% of sales, for the first six months of fiscal 2011, compared to $45.1 million, or 48.4% of sales, for the prior year period. The operating loss for the first six months of fiscal 2011 decreased to $14.8 million, compared to $16.9 million for the first six months of fiscal 2010. Net loss for the first six months of fiscal 2011 increased to $14.1 million, or $0.45 per diluted share, compared to a net loss of $12.7 million, or $0.41 per diluted share, for the first six months of fiscal 2010. The net loss for the first six months of fiscal 2011 includes a benefit for income taxes of $0.9 million, or $0.03 per diluted share, compared to a benefit of $4.4 million, or $0.14 per diluted share, recorded in the first six months of fiscal 2010.
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