Bluefly, (FRA:BFY1) Operating Income : €-15.45 Mil (TTM As of Mar. 2013)

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What is Bluefly, Operating Income?

Bluefly,'s Operating Income for the three months ended in Mar. 2013 was €-3.08 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2013 was €-15.45 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Bluefly,'s Operating Income for the three months ended in Mar. 2013 was €-3.08 Mil. Bluefly,'s Revenue for the three months ended in Mar. 2013 was €15.28 Mil. Therefore, Bluefly,'s Operating Margin % for the quarter that ended in Mar. 2013 was -20.18%.

Bluefly,'s 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Bluefly,'s annualized ROC % for the quarter that ended in Mar. 2013 was -91.15%. Bluefly,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 was -276.60%.

Bluefly, Operating Income Historical Data

The historical data trend for Bluefly,'s Operating Income 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.

* Premium members only.

Bluefly, Operating Income Chart

Bluefly, Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Operating Income

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-8.03

-1.83

-2.91

-8.43

-18.08

Bluefly, Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Operating Income	Get a 7-Day Free Trial															-5.93	-3.91	-4.63	-3.83	-3.08

Bluefly, Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €-15.45 Mil.

Bluefly, (FRA:BFY1) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Bluefly,'s annualized ROC % for the quarter that ended in Mar. 2013 is calculated as:

	ROC % (Q: Mar. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Mar. 2013 ))	/ count )
=	-12.332 * ( 1 - 0% )	/	( (15.406	+	11.652)	/ 2 )
=	-12.332	/	13.529
=	-91.15 %

where

	Invested Capital		(Q: Dec. 2012 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	27.846	-	13.133	-	( 0.978	-	max(0, 23.769	-	23.076	+	0.978	))
=	15.406

	Invested Capital		(Q: Mar. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	22.648	-	14.526	-	( 0	-	max(0, 21.745	-	18.215	+	0	))
=	11.652

Note: The Operating Income data used here is four times the quarterly (Mar. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Bluefly,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2012		Q: Mar. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-12.332	/	( ( (4.354 + max(0.522, 0))	+	(4.041 + max(-1.326, 0)) )	/	2 )
=	-12.332	/	( ( 4.876	+	4.041 )	/	2 )
=	-12.332	/	4.4585
=	-276.60 %

where Working Capital is:

	Working Capital		(Q: Dec. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	15.637	+	4.607)	-	(13.133	+	3.338	+	3.251)
=	0.522

	Working Capital		(Q: Mar. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	12.509	+	4.397)	-	(14.526	+	2.2	+	1.506)
=	-1.326

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2013) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Bluefly,'s Operating Margin % for the quarter that ended in Mar. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2013 )	/	Revenue (Q: Mar. 2013 )
	=	-3.083	/	15.281
	=	-20.18 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Bluefly, Operating Income Related Terms

Thank you for viewing the detailed overview of Bluefly,'s Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Bluefly, (FRA:BFY1) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Bluefly, Inc. (FRA:BFY1) » Definitions » Operating Income

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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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