Bluefly, (FRA:BFY1) Beneish M-Score : 0.00 (As of May. 26, 2024)

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What is Bluefly, Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Bluefly,'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Bluefly, was 0.00. The lowest was 0.00. And the median was 0.00.

Bluefly, Beneish M-Score Historical Data

The historical data trend for Bluefly,'s Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Bluefly, Beneish M-Score Chart

Bluefly, Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.60

-2.96

-3.05

-1.88

-4.08

Bluefly, Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Beneish M-Score	Get a 7-Day Free Trial															-2.50	-3.10	-3.24	-4.08	-5.76

Competitive Comparison of Bluefly,'s Beneish M-Score

For the Specialty Retail subindustry, Bluefly,'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Bluefly,'s Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Bluefly,'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bluefly,'s Beneish M-Score falls into.

Bluefly, Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Bluefly, for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8857

0.528 * 1.3009

0.404 * 1.0506

0.892 * 0.9492

0.115 * 0.6374

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9677

4.679 * -0.644737

0.327 * 1.9215

-5.81

This Year (Mar13) TTM:

Last Year (Mar12) TTM:

Total Receivables was €1.31 Mil.
Revenue was 15.281 + 19.218 + 16.873 + 17.705 = €69.08 Mil.
Gross Profit was 3.073 + 3.797 + 2.299 + 3.53 = €12.70 Mil.
Total Current Assets was €18.22 Mil.
Total Assets was €22.65 Mil.
Property, Plant and Equipment(Net PPE) was €4.04 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.80 Mil.
Selling, General, & Admin. Expense(SGA) was €28.15 Mil.
Total Current Liabilities was €21.75 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was -3.428 + -4.328 + -4.871 + -3.944 = €-16.57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -0.194 + 0.135 + -2.001 + 0.091 = €-1.97 Mil.

Total Receivables was €1.56 Mil.
Revenue was 18.369 + 22.312 + 15.408 + 16.682 = €72.77 Mil.
Gross Profit was 2.835 + 4.878 + 4.491 + 5.2 = €17.40 Mil.
Total Current Assets was €25.71 Mil.
Total Assets was €30.96 Mil.
Property, Plant and Equipment(Net PPE) was €4.74 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.67 Mil.
Selling, General, & Admin. Expense(SGA) was €30.65 Mil.
Total Current Liabilities was €15.47 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1.309 / 69.077)	/	(1.557 / 72.771)
	=	0.01895	/	0.021396
	=	0.8857

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(17.404 / 72.771)	/	(12.699 / 69.077)
	=	0.239161	/	0.183838
	=	1.3009

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (18.215 + 4.041) / 22.648)	/	(1 - (25.71 + 4.738) / 30.958)
	=	0.017308	/	0.016474
	=	1.0506

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	69.077	/	72.771
	=	0.9492

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1.673 / (1.673 + 4.738))	/	(2.801 / (2.801 + 4.041))
	=	0.260958	/	0.409383
	=	0.6374

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(28.15 / 69.077)	/	(30.646 / 72.771)
	=	0.407516	/	0.421129
	=	0.9677

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 21.745) / 22.648)	/	((0 + 15.469) / 30.958)
	=	0.960129	/	0.499677
	=	1.9215

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-16.571 - 0	-	-1.969)	/	22.648
	=	-0.644737

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Bluefly, has a M-score of -5.81 suggests that the company is unlikely to be a manipulator.

Bluefly, Beneish M-Score Related Terms

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Bluefly, (FRA:BFY1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Bluefly, Inc. (FRA:BFY1) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Website

Bluefly, Inc. is an off-price Internet retailer of fashion merchandise and accessories that provides its customers with access to in-season products. It launched the bluefly.com Website in September 1998. During 2011, it expanded its website portfolio by launching the belleandclive.com website, a members-only shopping site that presents curated selections of important brands via limited-time flash sale events. The Company's marketing efforts are focused both on acquiring new customers and retaining existing customers. The Company purchases merchandise directly from various suppliers and have devoted substantial resources over the years in establishing its reputation and brand awareness of selling authentic, high-end fashion merchandise at competitive discounted prices in a high-end retail environment. E-commerce generally, and, in particular, the online retail apparel and fashion accessories market, is a relatively dynamic, high-growth market. The Company's competition for online customers come from a variety of sources, including existing traditional retailers that are using the Internet to expand their channels of distribution, established and less established Internet companies, traditional direct marketers, designer brands that may attempt to sell their products directly to consumers through the Internet and other traditional off-price retail stores. The Company relies on various intellectual property laws and contractual restrictions to protect its proprietary rights in services and technology, including confidentiality, invention assignment and nondisclosure agreements with employees and contractors. The Company is not currently subject to direct regulation by any domestic or foreign governmental agency, other than regulations applicable to businesses generally, and laws or regulations directly applicable to online commerce.

Bluefly, (FRA:BFY1) Headlines

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