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Body Central Corp. Announces Fourth Quarter 2013 Financial Results

Stocks in this article: BODY

JACKSONVILLE, Fla., March 25, 2014 (GLOBE NEWSWIRE) -- Body Central Corp. (Nasdaq:BODY) today announced financial results for the fourth quarter of 2013.

Highlights for the thirteen weeks ended December 28, 2013:

  • Net revenues for the quarter decreased 18.3% to $66.2 million, compared to $81.0 million for the fourth quarter of 2012.
  • Store sales decreased 19.5% to $59.4 million due to a comparable-store sales decrease of 26.0%, partially offset by a net increase of 18 stores from the fourth quarter last year.
  • Direct sales decreased by 6.9% to $6.7 million from $7.2 million in the fourth quarter last year.
  • The loss from operations was $26.6 million, as compared to income from operations of $3.9 million for the fourth quarter in 2012.
  • The net loss was $23.3 million, or $(1.42) per diluted share based on 16.4 million weighted average shares outstanding. This includes an $11.1 million, or $(0.68) per diluted share, goodwill impairment charge related to the stores operating segment. Excluding the $11.1 million goodwill impairment charge, the net loss would have been $12.1 million, or $(0.74) per diluted share. Net income for the fourth quarter of 2012 was $2.4 million, or $0.15 per diluted share based on 16.3 million weighted average shares outstanding.
  • The Company opened 3 new stores during the fourth quarter of 2013 and operated 294 stores as of December 28, 2013.
  • These results have had a negative impact on our liquidity. As a result, we have taken several actions to increase our liquidity which we believe should be adequate to finance our working capital needs through 2014, if we are successful in executing our business plan. However, the Company has suffered losses and negative cash flows from operations that raise substantial doubt about our ability to continue as a going concern.

Brian Woolf, Body Central's CEO, stated: "Our fourth quarter results reflect challenges facing the Company as we work to improve our store and direct business merchandising assortments and drive traffic. We remain focused on executing our strategy and serving our customers amid a difficult environment. We currently have approximately $20.1 million of cash (including $12 million drawn as a term loan under our asset-based loan facility) and up to an additional $5 million under the undrawn, asset-based revolving loan facility, and we are taking additional actions intended to improve liquidity through the balance of 2014."

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