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DELiA*s, Inc. Announces Third Quarter 2011 Results

Direct Segment Results

Total revenue for the direct segment for the third quarter of fiscal 2011 decreased 6.5% to $21.9 million from $23.4 million in the prior year period.

Gross margin for the direct segment was 42.7% compared to 42.2% in the third quarter of the prior year, primarily resulting from increased merchandise margins.

SG&A expenses for the direct segment were $10.9 million, or 50.0% of sales, compared to $11.6 million, or 49.5% of sales, in the prior year period. The decrease in SG&A expenses in dollars reflects reduced selling and overhead expenses.

The operating loss for the third quarter of fiscal 2011 for the direct segment was $1.5 million as compared to $9.3 million in the prior year period. The prior year period included the aforementioned goodwill impairment charge of $7.6 million.

Balance Sheet Highlights

At the end of the third fiscal quarter of 2011, cash and cash equivalents were $15.8 million compared with $21.6 million, including restricted amounts, at the end of the third quarter of fiscal 2010.

Total net inventories at October 29, 2011 were $41.7 million compared with $41.8 million at October 30, 2010. While inventory per average retail store was up 8%, due to the timing of certain holiday receipts, inventory for the direct segment was down 6% compared to the end of the third quarter of fiscal 2010.

First Nine Month Results

For the first nine months of fiscal 2011, total revenue decreased 1.4% to $151.6 million from $153.8 million for the prior year period. Total gross margin was 31.1% compared to 31.7% for the prior year period. SG&A expenses were $66.4 million, or 43.8% of sales, for the first nine months of fiscal 2011, compared to $69.6 million, or 45.2% of sales, for the prior year period.

The operating loss for the first nine months of fiscal 2011 decreased to $19.0 million, compared to $28.1 million for the first nine months of fiscal 2010. Included in the first nine months of fiscal 2010 was the aforementioned goodwill impairment charge of $7.6 million.

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