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Body Central Corp. Announces Third Quarter 2013 Financial Results

Stocks in this article: BODY

JACKSONVILLE, Fla., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Body Central Corp. (Nasdaq:BODY) today announced financial results for the third quarter of 2013.

Highlights for the thirteen weeks ended September 28, 2013:

  • Net revenues for the quarter decreased 10.4% to $60.8 million, compared to $67.9 million for the third quarter of 2012.
  • Store sales decreased 10.1% to $55.7 million due to a comparable-store sales decrease of 18.3%, partially offset by a net increase of 28 stores from the same quarter last year.
  • Direct sales decreased by 13.6% to $5.1 million from $5.9 million in the same quarter last year.
  • The loss from operations was $15.5 million, as compared to income from operations of $196,000 for the third quarter in 2012.
  • The net loss was $9.0 million, or $(0.55) per diluted share based on 16.4 million weighted average shares outstanding. Net income for the third quarter of 2012 was $153,000, or $0.01 per diluted share based on 16.3 million weighted average shares outstanding.
  • The Company opened 5 new stores during the third quarter and operated 291 stores as of September 28, 2013.

Brian Woolf, Body Central's CEO, stated: "Our third quarter results reflect the continued difficulty of driving traffic into our stores and the overall traffic slowdown within our segment. While our comparable sales decreased 18% for the quarter, we realized positive comp sales performance in our bottoms and shoe businesses. In addition, the eCommerce component of our direct business continues to grow rapidly as we shift our marketing spend to online traffic drivers such as email campaigns, display ads, and affiliate programs. During the third quarter, we saw direct business revenue attributed to eCommerce increase approximately threefold from prior year levels. We are also confident that our focus on nightlife and club wear will resonate with our customers this holiday season. The introduction of our Sexy Stretch line performed well and we have plans to expand the offering. Our priorities continue to be to improve merchandise assortments, customer messaging and store traffic. We are initiating several key marketing actions during the holiday season to expand our customer base and reactivate former customers."

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