SAINTE-JULIE, QUEBEC--(Marketwire -06/07/12)- GroupeBikini Village inc. (GBV.TO) ("Groupe Bikini Village" or the "Corporation") today reported the results of its first quarter of 2012. During the quarter, the Corporation increased its operating margin (EBITDA(1)) and decreased its net loss compared to 2011, despite reduced sales.
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 quarter of the previous year, a decrease of 1.7%. Comparable sales, which compares 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 a reduction in operating expenses related to reduce occupancy costs following the Corporation's closure of underperforming stores. The increase in gross margin percentage offset the loss of marginal contribution related to the decrease in sales volume.
For the quarter ended April 28, 2012, the Corporation's net loss was $300,000 (($0.16) per share, basic and diluted), as compared to net loss of $353,000 (($0.18) per share, basic and diluted) for the same quarter in the previous year.
In the first quarter of 2012, Groupe Bikini Village consistently applied its flexible and disciplined management strategy and achieved results in line with its financial prospects for this period. For the months and quarter to come, Groupe Bikini Village is well positioned to deliver on its strategic and financial objectives for the year.
"We will continue to remain faithful to our strategies by paying a particular attention to the performance of all levels of the organization, to increase our business volumes while generating increased profitability. Furthermore, we will continue to seek and prioritize actions to create long-term value, by creating our own opportunities or by taking advantage of other strategic 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, as well as previous shareholder reports and other information of interest to investors, are available on SEDAR at www.sedar.com, and on the Corporation's website at www.bikinivillage.com.
Groupe Bikini Village inc., serving Canadians for more than a quarter-century, is a leader in the retail sale of beachwear products, with a network of new and renovated boutiques across Eastern Canada.
In its bright and inviting stores with comfortable change rooms and knowledgeable staff, Groupe Bikini Village helps its customers choose from among Canada's widest selection of swimsuits, beach and cruise wear and accessories, in the most popular brands the industry has to offer and in styles to suit every figure.
Headquartered in Sainte-Julie, Quebec, Groupe Bikini Village operates 57 stores and employs approximately 450 people; its securities trade on the Toronto Stock Exchange under the stock symbol GBV. For more information about Groupe Bikini Village, please visit our website at www.bikinivillage.com.