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Body Central Corp. Announces Second Quarter 2013 Financial Results

Stock quotes in this article: BODY

JACKSONVILLE, Fla., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Body Central Corp. (Nasdaq:BODY) today announced financial results for the second quarter of 2013.

Highlights for the thirteen weeks ended June 29, 2013:

  • Net revenues for the quarter decreased 5.3% to $75.1 million, compared to $79.4 million for the second quarter of 2012.
  • Store sales decreased 2.1% to $66.9 million due to a comparable-store sales decrease of 13.2%, partially offset by a net increase of 29 stores over the same quarter last year.
  • Direct sales decreased by 25.0% to $8.3 million from $11.0 million over the same quarter last year.
  • The loss from operations includes a $10.4 million asset impairment charge related to the direct business. The loss from operations including this impairment was $15.2 million, as compared to income from operations of $5.5 million for the second quarter in 2012. Excluding the $10.4 million impairment charge, the loss from operations would have been $4.8 million.
  • The net loss was $12.8 million, or ($0.78) per diluted share based on 16.3 million weighted average shares outstanding. This includes $10.4 million, or ($0.63) per diluted share in an asset impairment charge related to the direct business. Excluding the $10.4 million impairment charge, the net loss would have been $2.4 million, or ($0.15) per diluted share. Net income for the second quarter of 2012 was $3.4 million, or $0.21 per diluted share based on 16.4 million weighted average shares outstanding.
  • The Company opened 9 new stores and closed 2 stores during the second quarter and operated 286 stores as of June 29, 2013.

Brian Woolf, Body Central's CEO, stated: "While we did not anticipate improvement in our results until the second half, our second quarter performance was more challenging than we expected. During the quarter we took aggressive steps to clear inventory to make room for the new product assortment that we believe better reflects the tastes of our customer. We also brought product in earlier than last year in order to set the floors for the Back-to-School season, which contributed to higher inventory levels at the end of the quarter. Our comparable sales decrease and merchandise margin pressure was the result of a decline in store traffic combined with deep markdowns. In the direct business, we saw a significant decline in sales and margin as the result of our strategic decision to more closely align our catalog and website with the offering in our retail stores."

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