Results for the first quarter of 2009 included the following:
– As anticipated, net revenue decreased by approximately 21.2% to $19.9 million from $25.2 million in the first quarter of 2008 and gross margin decreased to 34.0% from 35.4% in the first quarter of 2008, both primarily attributable to the continued decline in consumer spending as a result of the current global economic downturn.
– Operating expenses decreased by approximately 19.1% to $9.6 million from $11.8 million in the first quarter of 2008. The reduction in operating expenses resulted from a decrease of $675,000 in selling and fulfillment expenses, a decrease of $505,000 in marketing expenses, a reduction in non-cash share-based compensation expense of approximately $621,000 and a decrease in salary and salary related general and administrative expenses of approximately $339,000.
– Operating loss decreased slightly to $2.8 million from $2.9 million in the first quarter of 2008.
– Net loss remained relatively unchanged at $2.9 million compared to the first quarter of 2008. Loss per share remained unchanged at $0.22 per share (based on 13.8 million weighted average shares outstanding) from $0.22 per share (based on 13.3 million weighted average shares outstanding) in the first quarter of 2008.
– Average order size decreased to $249.99 in the first quarter of 2009 compared to $273.65 in the first quarter of 2008.
– Inventory decreased to $20.8 million at March 31, 2009 compared to $23.2 million at December 31, 2008.
“We anticipated reduced sales and margin for the first quarter, given the current economic environment, and we were able to limit our operating loss by reducing our expenses.” said Melissa Payner, Bluefly’s Chief Executive Officer.
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