Results by Segment
Retail Segment Results
Total revenue for the retail segment for the first quarter of fiscal 2012 increased 6.8% to $28.9 million from $27.0 million in the first quarter of fiscal 2011. Retail comparable store sales increased 7.3% for the first quarter of fiscal 2012 compared to an increase of 0.9% for the first quarter of fiscal 2011.
Gross margin for the retail segment, which includes distribution, occupancy and merchandising costs, was 26.7% for the first quarter of fiscal 2012 compared to 24.5% in the prior year period. The increase in gross margin resulted primarily from higher merchandise margins, driven by increased full price selling and fewer markdowns, and the leveraging of occupancy costs.Selling, general and administrative (SG&A) expenses for the retail segment were $10.6 million, or 36.7% of sales, in the first quarter of fiscal 2012 compared to $11.0 million, or 40.7% of sales, in the prior year period. The decrease in SG&A expenses in dollars and as a percent of sales reflects reduced selling and depreciation expense. The operating loss for the first quarter of fiscal 2012 for the retail segment was $2.8 million compared to $4.4 million in the prior year period. The Company relocated one store location and closed one store location during the first quarter of fiscal 2012, ending the period with 112 stores. Direct Segment Results Total revenue for the direct segment for the first quarter of fiscal 2012 increased 6.6% to $23.6 million from $22.1 million in the first quarter of fiscal 2011. Gross margin for the direct segment was 41.3% for the first quarter of fiscal 2012 compared to 44.6% in the first quarter of fiscal 2011. The decrease in gross margin resulted primarily from lower merchandise margins, related to increased markdowns on clearance goods and more aggressive promotional techniques to acquire new customers, and increased shipping and handling costs.
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