Shares of theomnichannel teen retailer fell more than 10 percent in morning tradingtoday after the company reported a steep decline in fourth-quartersales, projected a large loss for the period and disclosed plans for aprivate placement to raise $44.1 million.
The New York-based firmsaid revenues for the 13 weeks ended this month were $35.4 million,34.2 percent below the 14-week 2012 quarter, with retail revenues off 33percent to $22 million and comparable-store sales down 26.9 percent.Direct segment sales fell 36 percent to $13.4 million. Gross margin isexpected to land between 7 and 8 percent, down from 29.6 percent in thefinal quarter of 2012.
The loss from continuing operations,excluding possible impairment charges, is expected to be between $17million and $18 million.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)