• Q3 net losses of US$9m 
  • Net revenues down 10.4% to $60.8m
  • Company to cut workforce by 11%

Body Central Corp has initiated a cost reduction initiative that will see it cut 11% of its workforce after the value apparel retailer booked a loss in the third quarter.

In the three months ended 28 September, the company recorded a net loss of US$9m. This compared to earnings in the comparable period last year of $153,000.

Net revenues slumped 10.4% to $60.8m from $67.9m in the third quarter of 2012.

Body Central CEO Brian Woolf said the results reflected the continued difficulty of driving traffic into its stores and the overall traffic slowdown within the company's segment. 

As a result, Woolf said the firm had reduced its corporate staff by 11%, effective immediately. 

"[We] have initiated other cost cutting measures that will be fully deployed by year end with the expectation that these initiatives will reduce our annualized selling, general and administrative exposure by $5m."