Groupe Bikini Village inc. Reports Its Results for the Third Quarter of 2014
(firmenpresse) - SAINTE-JULIE, QUEBEC -- (Marketwired) -- 12/11/14 -- Groupe Bikini Village inc. (TSX VENTURE: GBV) ("Groupe Bikini Village" or the "Corporation") today reported its results for the third quarter of 2014.
2014 third-quarter results
Net sales for the third quarter, which ended November 1, 2014, were $5.5 million, compared to $5.4 million in the corresponding quarter of the previous year. Comparable sales, which compares sales from the same number of stores year-over-year, increased by 1.8% for the quarter.
The Corporation reports an adjusted operating loss (adjusted EBITDA(1)) of $2.4 million in the third quarter of 2014 compared to an adjusted operating loss (adjusted EBITDA(1)) of $2.2 million in the third quarter of 2013. Sales and gross margins were relatively stable for the third quarter of 2014, compared to 2013. The difference of $0.2 million in adjusted EBITDA is partly due to costs related to short-term financing, to the transition to the TSX Venture Exchange and to the costs associated with the new leadership to reposition Groupe Bikini Village and ensure adequate funding.
For the quarter ended November 1, 2014, the Corporation recorded a $2.8 million loss before income tax recovery, as compared to loss before income tax recovery of $3 million for the same period in the previous year. The loss before income tax recovery for the third quarter of 2013 included a net impairment loss on capital assets of $112,000.
The Corporation''s third quarter net loss was $2.8 million (($1.45) per share, basic and diluted) in 2014, as compared to net loss of $2.2 million (($1.14) per share, basic and diluted) for the same quarter in the previous year.
Results for the first nine months of 2014
Net sales for the first nine-month period of fiscal 2014 were $23.4 million, compared to $25.3 million in the corresponding period the previous year. The comparable sales decreased by 4.3% from the result for the same period in the previous year.
The Corporation reports an adjusted operating loss (adjusted EBITDA(1)) of $3 million for the first nine-month period of 2014, compared to adjusted operating loss (adjusted EBITDA(1)) of $2.7 million for the same period in the previous year. The increase in the adjusted operating loss is due to a reduction in gross margin mainly due to lower sales partially offset by the reduction in selling expenses and by the overall reduction in expenses achieved during the first half of 2014 compared to 2013, through the reorganization plan implemented early in the third quarter of 2013.
For the nine-month period ended November 1, 2014, the Corporation recorded a $4.4 million loss before income tax recovery, as compared to loss before income tax recovery of $4.3 million for the same period in the previous year. The loss before income tax recovery for the first nine months of 2013 included a net impairment loss on capital assets of $112,000.
For the nine-month period ended on that date, net loss totalled $4.3 million (($2.26) per share, basic and diluted), as compared to net loss of $3.2 million (($1.66) per share, basic and diluted) in the similar period in 2013.
Outlook (2)
"Recognizing the challenge ahead, we also see opportunities to build a strong and competitive company on the marketplace," said Isabelle Grise, President and CEO of Groupe Bikini Village inc.. "With clear basis and direction, we believe Groupe Bikini Village can take a leadership position in the Canadian marketplace offering value and premium swimwear brands delivered through a unique customer experience".
"It''s also important to communicate that the full realization of our plan and the Corporation''s continuance as a going concern remain dependent on our ability to obtain further financing, either through debt, equity issuances, or strategic alliances. At the present time, it is not possible to predict whether additional financing efforts will be successful. Furthermore, the Corporation will continue to seek out and leverage new initiatives and opportunities to create long-term value for shareholders," added Ms. Grise.
Groupe Bikini Village inc.''s full third-quarter 2014 report, as well as previous shareholder reports and other information of interest to investors, are available on SEDAR at , and on the Corporation''s website at .
About Groupe Bikini Village
Groupe Bikini Village inc. is a leading swimwear retailer with a network of boutiques across Eastern Canada. In its inviting stores, Bikini Village helps its customers choose from among Canada''s widest selection of swimwear, beachwear, travel clothing and beach accessories. Headquartered in Sainte-Julie, Quebec, Groupe Bikini Village operates 52 stores and employs approximately 375 people; its securities trade on the TSX Venture Exchange under the stock symbol GBV. For more information about Groupe Bikini Village, please visit our website at .
Notes
Forward-looking statements
This news release contains certain forward-looking statements concerning Groupe Bikini Village inc.''s future operations, economic performance, financial conditions, and financing plans. These statements are based on certain assumptions and analyses made by management in light of their experience and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate under the circumstances. However, whether actual results and developments will conform to management''s expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Corporation. Management undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable law.
Contacts:
Isabelle Grise
President and CEO
(450) 449-1310 ext 4339
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.12.2014 - 15:36 Uhr
Sprache: Deutsch
News-ID 1324760
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
SAINTE-JULIE, QUEBEC
Phone:
Kategorie:
Fashion
Anmerkungen:
Diese Pressemitteilung wurde bisher 196 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Groupe Bikini Village inc. Reports Its Results for the Third Quarter of 2014
"
steht unter der journalistisch-redaktionellen Verantwortung von
Groupe Bikini Village inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
