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Perfumania Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: June 10, 2011 05:31PM

Perfumania Holdings Inc. (PERF) filed Quarterly Report for the period ended 2011-04-30. Perfumania Holdings Inc. has a market cap of $118.4 million; its shares were traded at around $13.2 with and P/S ratio of 0.2.



Highlight of Business Operations:

Perfumania’s retail sales increased $5.8 million from $52.0 million for the thirteen weeks ended May 1, 2010 to $57.8 million in the thirteen weeks ended April 30, 2011, and comparable store sales increased by 14.3%. Comparable store sales measure sales from stores that have been open for one year or more. We exclude stores that are closed for renovation from comparable store sales from the month during which renovation commences until the first full month after reopening. The average retail price per unit sold during the thirteen weeks ended April 30, 2011 increased 5.2% from the prior year’s comparable period and the total number of units sold increased by 5.8%. We attribute the increase in the average retail price per unit sold and the increase in the number of units sold to various store level pricing promotions and an increase in mall traffic. The average number of stores operated was 354 in the thirteen week period ended April 30, 2011, versus 367 in the prior year’s comparable period.

SOW’s consignment sales increased approximately $0.7 million from $13.9 million for the thirteen weeks ended May 1, 2010 to $14.6 million the thirteen weeks ended April 30, 2011. The increase in SOW’s net sales is due to an increase in sales to existing accounts and addition of one new account, offset by the termination of several consignment relationships.

Selling, general and administrative expenses include payroll and related benefits for our distribution center, sales, store operations, field management, purchasing and other corporate office and administrative personnel; rent, common area maintenance, real estate taxes and utilities for our stores, distribution center and corporate office; advertising, consignment fees, sales promotion, insurance, supplies, freight out, and other administrative expenses. Selling, general and administrative expenses increased by $0.4 million from $39.4 million in the thirteen weeks ended May 1, 2010 to $39.8 million in the thirteen weeks ended April 30, 2011. Included in selling, general and administrative expenses during the thirteen weeks ended April 30, 2011, is $0.4 million to write down a deferred barter credit to its estimated net realizable value. Also included in selling, general and administrative expenses are expenses in connection with the Service Agreement with Quality King, which were $0.1 million for both the thirteen week periods ended April 30, 2011 and May 1, 2010.

Depreciation and amortization was approximately $1.9 million in the thirteen weeks ended April 30, 2011, compared to $2.2 million for the thirteen week period ended May 1, 2010.

As a result of the foregoing, we realized a net loss of $3.8 million in the thirteen weeks ended April 30, 2011, compared to a net loss of $7.4 million in the thirteen weeks ended May 1, 2010.

Net cash provided by operating activities during the thirteen weeks ended April 30, 2011 was approximately $13.9 million, compared with approximately $7.0 million used in operating activities during the thirteen weeks ended May 1, 2010. The $20.9 million increase in cash flows from operating activities during the thirteen weeks ended April 30, 2011 compared with the prior year’s comparable period resulted primarily from an increase in accounts payable due to the timing of repayments to our vendors and a decrease in inventory levels during the thirteen weeks ended April 30, 2011 due to a reduction in inventory purchases. The seasonality of our operations may lead to significant fluctuations in certain asset and liability accounts between fiscal year-end and subsequent interim periods.

Read the The complete Report



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