Net revenues for the fiscal second quarter ending June 28, 2014, plunged 24.8 percent from a year earlier at Body Central, a multi-channel & specialty clothing retailer.
Body Central said its net revenues for the second quarter of 2014 declined 24.8% to $56.5 million from $75.1 million, it posted in the second quarter of 2013.
Retail store sales fell 22.2 percent year-on-year to $52.0 million in the thirteen weeks to June 28, mainly from comparable-store sales falling 22.6 percent.
While, direct sales dipped 46.3 percent to $4.4 million in second quarter of 2014 from $8.3 million in the same quarter last year.
Body Central posted a loss from operations of $21.6 million against $15.2 million for the second quarter in 2013.
It said, loss from operations include non-cash charges of $1.9 million to long-lived fixed assets and a $3.7 million impairment charge of its trade name.
For the second quarter of 2013, Body Central had a non-cash charge of $10.4 million against the company's goodwill.
Excluding these non-cash charges in either period, its loss from operations touched $16.0 million for the thirteen weeks ended June 28, 2014 against $4.8 million in comparable period of 2013.
Net loss in the period under review was $21.0 million, or a negative $1.28 per diluted share compared to net loss of $12.8 million, or a negative $0.78 per diluted share, a year earlier
Cash and cash equivalents were $4.4 million in second quarter of 2014 compared to $31.5 million at the end of second quarter in prior year.
Body Central had $7.7 million outstanding on its revolving credit facility as of June 28, 2014.
Its average per store inventory at cost fell 32.6 percent and average per store inventory units too declined 18.0 percent from a year earlier.
Body Central said it closed 7 stores during the second quarter and operated 275 stores as of June 28, 2014.
