Groupe Bikini Village inc. (TSX:GBV) ("Groupe Bikini Village" orthe "Corporation") today reported the results of its first quarterof 2012. During the quarter, the Corporation increased itsoperating margin (EBITDA 1 ) and decreased its net loss compared to 2011, despite reducedsales. 2012 first quarter results Net sales for the first quarter, which ended April 28, 2012, were$9.7 million, compared to $9.9 million in the corresponding quarterof the previous year, a decrease of 1.7%. |
Comparable sales, whichcompares the sales from the same number of stores year over year,increased by 2.8% for the quarter. The Corporation's EBITDA 1 for the first quarter was $109,000 compared to $83,000 EBITDA 1 in the same period in 2011. The increase is principally due to areduction in operating expenses related to reduce occupancy costsfollowing the Corporation's closure of underperforming stores. Theincrease in gross margin percentage offset the loss of marginalcontribution related to the decrease in sales volume. For the quarter ended April 28, 2012, the Corporation's net losswas $300,000 (($0.16) per share, basic and diluted), as compared tonet loss of $353,000 (($0.18) per share, basic and diluted) for thesame quarter in the previous year.
Outlook 2 In the first quarter of 2012, Groupe Bikini Village consistentlyapplied its flexible and disciplined management strategy andachieved results in line with its financial prospects for thisperiod. For the months and quarter to come, Groupe Bikini Villageis well positioned to deliver on its strategic and financialobjectives for the year. "We will continue to remain faithful toour strategies by paying a particular attention to the performanceof all levels of the organization, to increase our business volumeswhile generating increased profitability. Furthermore, we willcontinue to seek and prioritize actions to create long-term value,by creating our own opportunities or by taking advantage of otherstrategic alternatives which may arise," said Yves Simard,President and CEO of Groupe Bikini Village inc. Groupe Bikini Village inc.'s full first quarter 2012 report, aswell as previous shareholder reports and other information ofinterest to investors, are available on SEDAR at , and on the Corporation's website at.
About Groupe Bikini Village Groupe Bikini Village inc., serving Canadians for more than aquarter-century, is a leader in the retail sale of beachwearproducts, with a network of new and renovated boutiques acrossEastern Canada. In its bright and inviting stores with comfortablechange rooms and knowledgeable staff, Groupe Bikini Village helpsits customers choose from among Canada's widest selection ofswimsuits, beach and cruise wear and accessories, in the mostpopular brands the industry has to offer and in styles to suitevery figure. Headquartered in Sainte-Julie, Quebec, Groupe BikiniVillage operates 57 stores and employs approximately 450 people;its securities trade on the Toronto Stock Exchange under the stocksymbol GBV. For more information about Groupe Bikini Village,please visit our website at.
Notes 1 The term EBITDA (earnings before finance costs, income taxes,depreciation, amortization, net impairment loss, reorganizationfees and unusual items) does not have any standardized meaningprescribed by Canadian Generally Accepted Accounting Principlesapplicable to publicly accountable enterprises ("GAAP") and may notbe comparable to similarly-titled measures presented by othercompanies. Please refer to the section of Groupe Bikini Villageinc's. MD&A for the for the three-month period ended April 28,2012, dated June 7, 2012, entitled "Non-GAAP Financial Measures."It is available on SEDAR at . 2 To be read in conjunction with "Forward-looking Statements" below. Forward-looking statements This news release contains certain forward-looking statementsconcerning Groupe Bikini Village inc.'s future operations, economicperformance, financial conditions and financing plans.
Thesestatements are based on certain assumptions and analyses made bymanagement in light of their experience and their perception ofhistorical trends, current conditions and expected futuredevelopments, as well as other factors they believe are appropriateunder the circumstances. However, whether actual results anddevelopments will conform to management's expectations andpredictions is subject to a number of risks, uncertainties andassumptions. Consequently, all of the forward-looking statementsmade in this news release are qualified by these cautionarystatements, and there can be no assurance that the results ordevelopments anticipated by management will be realized or, even ifsubstantially realized, that they will have the expectedconsequences or effects on the Corporation. Management undertakesno obligation and does not intend to update or revise anyforward-looking statements, whether as a result of new information,future events, or otherwise, except as may be required underapplicable law.
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