EBHI » Topics » Revenues

This excerpt taken from the EBHI 10-Q filed May 14, 2009.

Revenues

 

     Three Months
Ended,
April 4,
2009
    Three Months
Ended,
March 29, 2008
    $ Change  
     (Unaudited)     (Unaudited)        
           ($ in thousands)        

Retail & outlet store sales

   $ 112,002     $ 134,538     $        (22,536 )

Direct sales

     56,932       63,738       (6,806 )
                        

Net merchandise sales

     168,934       198,276       (29,342 )

Shipping revenues

     7,260       9,124       (1,864 )

Licensing revenues

     2,503       4,077       (1,574 )

Foreign royalty revenues

     996       1,646       (650 )

Other revenues

     83       121       (38 )
                        

Net sales and other revenues

   $ 179,776     $ 213,244     $ (33,468 )

Percentage increase (decrease) in comparable store sales

     (13.7 %)     0.5 %     n/a  

Net merchandise sales decreased $29.3 million, or 14.8%, during the first quarter of fiscal 2009 versus the prior year quarter, which included decreases of $22.5 million, or 16.8%, in our retail and outlet store sales and $6.8 million, or 10.7%, in our direct channel, which includes our catalog and internet sales. The decline in net merchandise sales in our direct channel was due to overall weakness in retail spending, a planned reduction in unprofitable catalog and page circulation, and lower levels of fourth quarter inventory requiring markdown and liquidation in the first quarter. Despite the decrease in net merchandise sales in our direct channel, our demand per million pages circulated increased 11.2%.

 

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Total comparable store sales, which includes sales from both our retail and outlet stores, during the first quarter of fiscal 2009 decreased 13.7%, and included decreases in comparable store sales in our retail and outlet stores of 18.4% and 5.8%, respectively. Comparable store sales, when excluding the effect of Canadian exchange rates, declined 11.3% in total and 14.7% in our retail stores during the first quarter. Our net merchandise sales during the first quarter of fiscal 2009 continued to be negatively impacted by the general economic conditions and the continued weakness in retail spending in the U.S. Additionally, net merchandise sales in both our stores and direct channel were slightly impacted by the timing of the Easter holiday, which fell in the second quarter of fiscal 2009 versus the first quarter of fiscal 2008. Comparable store sales in the first quarter of fiscal 2008 increased 0.5%, which included an increase of 2.9% in our retail stores and a decrease of 3.1% in our outlet stores.

Non-comparable store sales in the first quarter of 2009 totaled $14.6 million compared to $21.2 million in the prior year quarter. The $6.6 million decrease in non-comparable store sales was primarily driven by a $5.6 million decrease associated with sales from closed stores as we closed 27 stores during the first quarter of 2008 versus six during the first quarter of 2009. This decrease was partially offset by an increase of $3.1 million in net merchandise sales associated with non-comparable stores (sales from retail and outlet stores that have not been open for one complete fiscal year and stores that are expanded or down-sized by more than 30% and have not been in operation in their new configuration for one complete fiscal year). The remaining decrease in non-comparable store sales during the first quarter was due to financial adjustments (which primarily includes merchandise purchased through our direct channel that is returned to our stores, adjustments for the accrual we make for returned goods, and the impact of our customer loyalty program) not included in our comparable store sales, resulting primarily from a lower sales return accrual.

The decrease in our shipping revenues during the first quarter was driven by the decrease in volumes of our direct sales. Licensing revenues declined during the first quarter primarily as a result of lower revenues from virtually all our licensees, with the largest impact being from one licensee that sells infant and juvenile products. Finally, the decline in our foreign royalty revenues was due to the fact that we did not earn any royalties associated with our former joint venture in Germany in the current year quarter under the terms of the new licensing agreement we signed with Eddie Bauer Germany upon termination of the joint venture, versus $0.5 million in the prior year quarter and a slight decline in royalties from our joint venture in Eddie Bauer Japan.

These excerpts taken from the EBHI 10-K filed Apr 2, 2009.

Revenues

 

     Fiscal 2008
(53 weeks)
    Fiscal 2007
(52 weeks)
    Change  
     (Unaudited)     (Unaudited)        
     ($ in thousands)  

Retail and outlet store sales

   $ 697,133     $ 711,427     $ (14,294 )

Direct sales

     274,199       277,916       (3,717 )

Other merchandise sales

     —         37       (37 )
                        

Net Merchandise Sales

     971,332       989,380       (18,048 )

Shipping revenues

     34,037       34,220       (183 )

Licensing revenues

     12,844       13,846       (1,002 )

Foreign royalty revenues

     4,961       6,341       (1,380 )

Other revenues

     263       566       (303 )
                        

Net sales and other revenues

   $ 1,023,437     $ 1,044,353     $ (20,916 )
                        

Percentage increase (decrease) in comparable store sales

     (1.8 )%     4.4 %     n/a  

 

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Net merchandise sales for the 53 weeks in fiscal 2008 totaled $971.3 million, a decrease of $18.0 million, or 1.8%, from the 52 weeks of fiscal 2007. Retail and outlet store sales and sales from our direct business, which includes our catalog and website sales, decreased $14.3 million and $3.7 million, respectively. Net merchandise sales for the 53rd week in fiscal 2008 were approximately $22.0 million. Net merchandise sales in our stores and direct channel continued to be negatively impacted during the fourth quarter of fiscal 2008 due to the overall cut back in retail spending driven by the U.S. economic conditions, and direct sales were impacted starting in the second quarter by planned decreases in catalog circulation.

Comparable store sales, as calculated on a 53 week basis for both periods, declined 1.8% for our combined retail and outlet stores in fiscal 2008 versus fiscal 2007, which included an 8.8% decline in total comparable store sales in the fourth quarter of 2008. Comparable store sales, when excluding the effect of foreign exchange rates, declined 5.7% and 1.1%, for the fourth quarter and fiscal 2008 periods, respectively. Comparable store sales in our retail stores declined 2.0% and 10.5% in fiscal 2008 and the fourth quarter of fiscal 2008, respectively. Comparable store sales in our outlet stores decline 1.5% and 5.4% in fiscal 2008 and the fourth quarter of fiscal 2008, respectively.

Non-comparable store sales in fiscal 2008 totaled $95.1 million compared to $108.7 million in fiscal 2007. The $13.6 million decrease in non-comparable store sales was primarily driven by a $35.2 million impact associated with sales from closed stores during 2008, which were partially offset by an increase of $22.1 million in net merchandise sales associated with new stores opened in fiscal 2008 and non-comparable stores (sales from retail and outlet stores that have not been open for one complete fiscal year and stores that are expanded or down-sized by more than 30% and have not been in operation in their new configuration for one complete fiscal year).

Licensing revenues in fiscal 2008 declined $1.0 million versus the prior year due to lower sales of licensed products, driven in part by one of our licensees liquidating during the third quarter of 2008 and a second licensee filing for bankruptcy protection during the fourth quarter of 2008. The $1.4 million decrease in our foreign royalty revenues during fiscal 2008 versus the prior year resulted from lower net merchandise sales from our joint venture with Eddie Bauer Japan and a reduction in royalty rates in 2008 and 2009 under a new license agreement with our former joint venture in Germany. In June 2008, we and the other joint venture partners in our Eddie Bauer Germany joint venture transferred our interests in the joint venture, effective March 1, 2008, to a third party in return for a release of liabilities. As part of the transfer of the joint venture interest, we transferred our royalty receivables to the third party, terminated the prior license agreement and entered into a new licensing arrangement to license the use of our tradename and trademarks to Eddie Bauer Germany for a five-year period in exchange for specified royalties. As a result of the termination of the prior licensing agreement and the execution of a new agreement with a reduced royalty rate for the first two years, as well as a continuing economic downturn in the Japanese economy, our results of operations during fiscal 2009 will reflect a continued decrease in foreign royalty revenues.

Revenues

 

     Fiscal 2008
(53 weeks)
    Fiscal 2007
(52 weeks)
    Change  
     (Unaudited)     (Unaudited)        
     ($ in thousands)  

Retail and outlet store sales

   $ 697,133     $ 711,427     $ (14,294 )

Direct sales

     274,199       277,916       (3,717 )

Other merchandise sales

     —         37       (37 )
                        

Net Merchandise Sales

     971,332       989,380       (18,048 )

Shipping revenues

     34,037       34,220       (183 )

Licensing revenues

     12,844       13,846       (1,002 )

Foreign royalty revenues

     4,961       6,341       (1,380 )

Other revenues

     263       566       (303 )
                        

Net sales and other revenues

   $ 1,023,437     $ 1,044,353     $ (20,916 )
                        

Percentage increase (decrease) in comparable store sales

     (1.8 )%     4.4 %     n/a  

 

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Net merchandise sales for the 53 weeks in fiscal 2008 totaled $971.3 million, a decrease of $18.0 million, or 1.8%, from the 52 weeks of fiscal 2007. Retail and outlet store sales and sales from our direct business, which includes our catalog and website sales, decreased $14.3 million and $3.7 million, respectively. Net merchandise sales for the 53rd week in fiscal 2008 were approximately $22.0 million. Net merchandise sales in our stores and direct channel continued to be negatively impacted during the fourth quarter of fiscal 2008 due to the overall cut back in retail spending driven by the U.S. economic conditions, and direct sales were impacted starting in the second quarter by planned decreases in catalog circulation.

Comparable store sales, as calculated on a 53 week basis for both periods, declined 1.8% for our combined retail and outlet stores in fiscal 2008 versus fiscal 2007, which included an 8.8% decline in total comparable store sales in the fourth quarter of 2008. Comparable store sales, when excluding the effect of foreign exchange rates, declined 5.7% and 1.1%, for the fourth quarter and fiscal 2008 periods, respectively. Comparable store sales in our retail stores declined 2.0% and 10.5% in fiscal 2008 and the fourth quarter of fiscal 2008, respectively. Comparable store sales in our outlet stores decline 1.5% and 5.4% in fiscal 2008 and the fourth quarter of fiscal 2008, respectively.

Non-comparable store sales in fiscal 2008 totaled $95.1 million compared to $108.7 million in fiscal 2007. The $13.6 million decrease in non-comparable store sales was primarily driven by a $35.2 million impact associated with sales from closed stores during 2008, which were partially offset by an increase of $22.1 million in net merchandise sales associated with new stores opened in fiscal 2008 and non-comparable stores (sales from retail and outlet stores that have not been open for one complete fiscal year and stores that are expanded or down-sized by more than 30% and have not been in operation in their new configuration for one complete fiscal year).

Licensing revenues in fiscal 2008 declined $1.0 million versus the prior year due to lower sales of licensed products, driven in part by one of our licensees liquidating during the third quarter of 2008 and a second licensee filing for bankruptcy protection during the fourth quarter of 2008. The $1.4 million decrease in our foreign royalty revenues during fiscal 2008 versus the prior year resulted from lower net merchandise sales from our joint venture with Eddie Bauer Japan and a reduction in royalty rates in 2008 and 2009 under a new license agreement with our former joint venture in Germany. In June 2008, we and the other joint venture partners in our Eddie Bauer Germany joint venture transferred our interests in the joint venture, effective March 1, 2008, to a third party in return for a release of liabilities. As part of the transfer of the joint venture interest, we transferred our royalty receivables to the third party, terminated the prior license agreement and entered into a new licensing arrangement to license the use of our tradename and trademarks to Eddie Bauer Germany for a five-year period in exchange for specified royalties. As a result of the termination of the prior licensing agreement and the execution of a new agreement with a reduced royalty rate for the first two years, as well as a continuing economic downturn in the Japanese economy, our results of operations during fiscal 2009 will reflect a continued decrease in foreign royalty revenues.

This excerpt taken from the EBHI 8-K filed Mar 19, 2009.

Revenues

Total revenues for the year decreased by 2.0% to $1,023.4 million compared to $1,044.4 million in 2007. Comparable store sales were as follows:

 

Comp store sales

   Fiscal 2008 (%)    Fiscal 2008(%)
(Excl. CDN impact)
   Fiscal 2007 (%)

Combined (retail & outlet)

   (1.8)    (1.1)      4.4

Retail

   (2.0)    (0.9)      8.9

Outlet

   (1.5)    (1.5)    (2.3)


The Company opened 8 retail and 6 outlet stores, and closed 24 retail and 5 outlet stores during 2008.

Net merchandise sales included within total revenues were as follows:

 

Net merchandise sales

   Fiscal 2008
($ in millions)
   Fiscal 2007
($ in millions)
   % Change

Combined

   971.3    989.4    (1.8)

Retail & outlet

   697.1    711.5    (2.0)

Direct

   274.2    277.9    (1.3)
This excerpt taken from the EBHI 8-K filed Nov 6, 2008.

Revenues

Total revenues for the year-to-date period increased by 0.2% to $653.5 million, compared to $651.9 million in the first nine months of 2007. Catalog circulation pages were down approximately 14% for the year, as the Company has become more selective in its mailing strategy. Catalog productivity increased by approximately 14%. Comparable store sales for our retail and outlet stores and direct sales were as follows:

 

Comp Store Sales by Channel

   Nine Months 2008 (%)   Nine Months 2007 (%)

Combined (retail and outlet)

   2.8   4.2

Retail

   4.1   9.0

Outlet

   0.8   (2.6)

Direct

   (0.2)   7.6

The Company opened seven retail and three outlet stores, and closed 24 retail and five outlet stores during the first nine months of 2008.

Net merchandise sales included within total revenues were as follows:

 

     Q3 2008
($ in millions)
   Q3 2007
($ in millions)
   % Change

Net Merchandise Sales

   615.3    611.7    0.6

Retail and Outlet

   441.2    437.2    0.9

Direct

   174.1    174.5    (0.2)
This excerpt taken from the EBHI 10-K filed Mar 13, 2008.
Revenues
 
                         
    Successor
    Combined
       
    Fiscal
    Fiscal
       
    2006     2005     Change  
    (Unaudited)     (Unaudited)        
    ($ in thousands)  
 
Retail & outlet store sales:
                       
Comparable store sales
  $ 559,549     $ 570,838     $ (11,289 )
Non-comparable store sales
    140,595       162,325       (21,730 )
                         
Total retail & outlet store sales
    700,144       733,163       (33,019 )
Direct sales
    256,463       268,135       (11,672 )
Other merchandise sales
    81       195       (114 )
                         
Net merchandise sales
    956,688       1,001,493       (44,805 )
Shipping revenues
    34,022       35,726       (1,704 )
Licensing revenues
    15,707       15,300       407  
Foreign royalty revenues
    6,626       6,100       526  
Other revenues
    404       815       (411 )
                         
Net sales and other revenues
    1,013,447       1,059,434       (45,987 )
Percentage increase (decrease) in comparable store sales
    (2.0 )%     (2.2 )%     n/a  
 
Net merchandise sales declined $44.8 million, or 4.5%, in fiscal 2006 from fiscal 2005. During fiscal 2006, we experienced declines in both our retail store sales and our direct sales. Comparable store sales during


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fiscal 2006 declined 2.0%, or $11.3 million. Comparable store sales in our retail stores for fiscal 2006 decreased 1.2%, or $4.3 million, while comparable store sales in our outlet stores decreased 3.1%, or $7.0 million, versus the prior year period. Non-comparable store sales, which includes sales associated with new, closed and non-comparable remodeled stores, declined $21.7 million, or 1.3%, primarily due to fewer stores open during fiscal 2006 (394 total stores at the end of fiscal 2006 as compared to 400 total stores at the end of fiscal 2005). The decline in net merchandise sales occurred in the first three fiscal quarters of 2006 as a result of the continuation of poor customer response to the significant changes in the merchandise collection first introduced in the fall of fiscal 2005. As of result of the poor sales performance, management took actions to design, source and merchandise products intended to re-capture the interest of our core customer and reverse the downward sales trends. These actions, which began during the fourth quarter of 2005, were undertaken after the poor customer response became clear and the initiatives continued to be implemented through mid-2006 culminating in the introduction of our 2006 Fall/Holiday products beginning during the third quarter of 2006. Improved customer response to this collection resulted in net merchandise sales during the fourth fiscal quarter of 2006 increasing $4.4 million compared to the fourth quarter of fiscal 2005. Net merchandise sales in our retail stores and direct channel were flat with the prior year quarter, while net merchandise sales in our outlet stores increased $4.5 million. Our comparable store sales for the fourth quarter, including our retail and outlet stores, increased 4.6%.
 
During fiscal 2005, overall comparable store sales declined 2.2%, which included comparable store sales declines in our retail and outlet stores of 2.9% and 0.9%, respectively.
 

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