Costs related to convertible notes prevented Bluefly Inc. from swinging to a fourth-quarter profit, but the New York-based Internet retailer was able to narrow its loss.
For the period ended Dec. 31, the net loss shrank to $148,000, or 1 cent a diluted share, from a loss of $1.4 million, or 10 cents a share, in the year-ago quarter. Most recent fourth-quarter numbers included $437,000 of noncash expenses related to its convertible notes.
Net sales decelerated 11.1 percent to $24.4 million compared with revenue of $27.4 million in the 2008 period.
Gross margin improved to 41.3 percent of sales, versus 37 percent a year ago, thanks to increases in product margin, the firm said. Operating expenses decreased by 15.2 percent to $9.6 million, from $11.3 million, for the quarter, and inventories fell 23.7 percent to $17.7 million from $23.2 million.
For the year, the Bluefly’s net loss contracted to $4.4 million, or 31 cents a share, from a loss of $11.3 million, or 90 cents a share, a year earlier. Revenue decreased 15.2 percent to $81.2 million versus $95.8 million last year.
“These results have provided a solid base for growth in 2010,” said chief executive officer Melissa Payner. “With the added support of our new investors, we believe we are not only positioned for growth in 2010, but we will be able to bring our customers an even greater offering of on-trend designer apparel and accessories and introduce new customers to the deal that is Bluefly.”
In a two-step deal initiated in December, Bluefly sold $15 million of newly issued common stock at a price of $1.70 a share to Rho Ventures. Approximately $4.7 million of the investment has already closed. Following the completion of the second closing at the end of this month, Rho will own about 33 percent of Bluefly’s shares, on a fully diluted basis, making it the company’s largest shareholder.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)