dELiA*s Inc announced financial results for the first quarter ended May 5, 2007.
For the three months ended May 5, 2007: • Total revenue increased by 11% to $57.8 million from $51.9 million last year.
• Same-store sales for the retail segment increased by 9% for the comparable thirteen-week periods, with total retail sales increasing by 34%. Net sales of the direct segment increased by 3% over the first quarter of fiscal 2006. The direct segment sales increased by 11% on a comparable calendar basis (after reflecting the impact of last year's 53-week fiscal calendar on the timing of catalog mailings).
• Total gross margin decreased by 220 bps to 36.1% of sales, or $20.9 million, due to the decrease in the retail segment and its growing percentage of the total sales mix. Gross margin for the direct segment increased by 50 bps from year-ago levels.
• SG&A expense was 42.1% versus 40.9% a year ago, an increase of 120 bps due to the additional costs associated with the move of our corporate headquarters and other one-time expenses, which more than offset the improved leveraging of other expenses due to the increase in revenue.
• Net loss for the quarter increased to $3.3 million or $0.11 per share compared to last year's $1.2 million or $0.05 loss per share.
Robert Bernard, Chief Executive Officer, stated: “We are pleased to have delivered a 9% comp increase in retail sales and an 11% increase in direct sales on a comparable calendar basis, with results consistent with our expectations, despite the challenging retail environment. Looking ahead, we continue to make progress on our goals."
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