- Net sales increased by approximately 12% to $24.3 million, from $21.7 million in the first quarter of 2011, as a result of an increase in customer orders and a reduction of approximately 3% in the return rate.
- Gross profit margin decreased to 15.4%, from 37.8% in the first quarter of 2011 primarily as a result of a significant increase in promotional activity driven by an acceleration of our inventory turns for the purpose of using our capital more efficiently. As a result, gross margins may be lower than they have been historically, although it is not expected that our margins will be as low as they were during the first quarter of 2012.
- Total operating expenses increased by approximately 23% to $11.6 million, from $9.4 million in the first quarter of 2011. Included in total operating expenses is $1.3 million in separation costs of which $0.7 million was in non-cash stock-based compensation expense related to the departure of the Company’s previous CEO.
- Operating loss increased to $7.8 million, from $1.2 million in the first quarter of 2011.
- Net loss attributable to stockholders was $7.9 million, or $0.28 per share (based on 28.5 million weighted average shares outstanding), and included $1.3 million, or $0.05 per share, in CEO separation costs. This compares to a net loss attributable to stockholders of $1.3 million, or $0.05 per share (based on 24.6 million weighted average shares outstanding), in the first quarter of 2011.
- Adjusted negative EBITDA increased to $6.2 million, from an adjusted negative EBITDA of $0.3 million in the first quarter of 2011.
- Cash and cash equivalents decreased to $2.5 million at March 31, 2012, compared to $4.4 million at December 31, 2011.
- Inventory decreased to $27.5 million at March 31, 2012, compared to $32.1 million at December 31, 2011.
Bluefly Reports First Quarter 2012 Results
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