Higher Internet sales drive Bombay's direct-to-customer business
17 Nov '06
3 min read
Revenue from Bombay's direct-to-customer business grew to $21.2 million for the nine-month period compared to $15.2 million in the comparable year-ago period, primarily due to higher Internet sales.
Results for the nine-month period ended October 29, 2005 include $6.9 million of revenue from Bailey Street operations, the assets of which were sold during the second quarter of Fiscal 2005.
The loss before income taxes for the nine months ended October 28, 2006 was $52.1 million compared to $33.3 million for the nine months ended October 29, 2005 which included $4.7 million of gains on sales of the non-operating land and building and the Bailey Street assets.
The net loss for the nine-months ended October 28, 2006 was $51.1 million, or $1.42 per share, compared to a net loss of $21.7 million, or $0.60 per share, for the corresponding period of the prior year.
The Company ended the quarter with $69.1 million in borrowings outstanding under its credit facility compared to $62.2 million last year. During the quarter, the Company entered into a new credit facility that provides significantly more liquidity than its previous arrangement.
The new facility will fund working capital requirements and will be used for other corporate needs, including the initiatives to focus on the Company's core business.
Inventory levels were $151.7 million compared to $176.3 million due to the decision to reduce overall inventory levels and flow product, including holiday merchandise, closer to the time of need.
marketing@alchempro.com
