Body Central Corp. Announces Fiscal 2012 Earnings

JACKSONVILLE, Fla., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Body Central Corp. (Nasdaq:BODY) today announced financial results for the fourth quarter and fiscal year 2012.

Highlights for the fourth quarter ended December 29, 2012:

• Net revenues for the quarter increased 0.3% to $81.0 million, compared to $80.7 million last year.
• Store sales increased 1.2% to $73.8 million and comparable store sales decreased by 11.6%.
• Operating income was $3.9 million or 4.8% of net revenues, compared to $9.8 million or 12.2% of net revenues for last year.
• Net income was $2.4 million, or $0.15 per diluted share based on 16.3 million weighted average shares outstanding, as compared to net income of $6.1 million, or $0.38 per diluted share based on 16.2 million weighted average shares outstanding for the fourth quarter of 2011.
• The Company opened 13 new stores during the fourth quarter and operated 276 stores as of December 29, 2012.

Highlights for the fiscal year ended December 29, 2012:

• Net revenues increased 4.9% to $311.0 million from $296.5 million for the same period a year ago.
• Store sales rose 5.1% to $275.1 million driven by a 15% increase in store count which was offset by a comparable store sales decrease of 8.1%.
• Operating income was $19.1 million or 6.2% of net revenues, compared to $31.4 million or 10.6% of net revenues for the same period last year.
• Net income was $11.9 million or $0.73 per diluted share based on 16.3 million weighted average shares outstanding, as compared to net income of $19.7 million, or $1.22 per diluted share based on 16.2 million weighted average shares outstanding for fiscal 2011.
• The Company opened 39 new stores during fiscal year 2012.

Brian P. Woolf, Body Central's CEO, stated: "While the Company had a tough sales year in 2012, many initiatives were undertaken to build the infrastructure to support continued growth. In addition to those steps taken in 2012, we are pleased to have announced earlier this week four very significant personnel additions to our merchandising team. We have much to accomplish and an urgency to improve the product offering. In addition, we will be focused on building the brand, improving our customers' shopping experience in our stores, and unifying our direct and store marketing to become a true multi-channel business. As we redesign our new store prototype in support of these initiatives, we will be modifying our 2013 new store opening target to 25 stores. Lastly, we expect current trends in our business to continue to be weak through the first half of this year with pressure on gross margins. Longer term, we are optimistic about our business model and the niche we can continue to develop in the fast fashion segment."

Balance Sheet highlights as of December 29, 2012:

Cash and cash equivalents were $41.1 million at the end of the fourth quarter compared to $42.0 million in the prior year.   

The Company had no long-term debt at the end of the fourth quarter in either 2012 or 2011.

Total Company inventories at the end of the fourth quarter were $23.0 million compared to $21.1 million at the end of the fourth quarter of 2011. Average store inventories decreased 4.6% from one year ago.

Reported results are preliminary and not final until the filing of our Annual Report Form 10-K with the SEC and remain subject to adjustment.

Conference Call Information

A conference call to discuss fourth quarter financial results is scheduled for today, February 28, 2013, at 4:30 PM Eastern Time. The conference call will also be webcast live at www.bodyc.com. To access the replay of this call, please dial (877) 870-5176 and enter pin number 8554090. The replay is available until March 14, 2013. A replay of this call will also be available on the Investor Relations section of the Company's website, www.bodyc.com, within two hours of the conclusion of the call and will remain on the website for ninety days.

About Body Central

Founded in 1972, Body Central Corp. is a growing, multi-channel, specialty retailer offering on trend, quality apparel and accessories at value prices. As of December 31, 2012 the Company operated 276 specialty apparel stores in 26 states under the Body Central and Body Shop banners, as well as a direct business comprised of a Body Central catalog and an e-commerce website at www.bodyc.com. The Company targets women in their late teens and twenties from diverse cultural backgrounds who seek the latest fashions and a flattering fit. Stores feature an assortment of tops, dresses, bottoms, jewelry, accessories and shoes sold primarily under the Company's exclusive Body Central® and Lipstick® labels.

Original source: http://investor.bodyc.com/releasedetail.cfm?ReleaseID=744231