Los Angeles—Frederick’s of Hollywood Group said it remains confident in its outlook, despite reporting wider losses during the fourth quarter and full year.
For the three months ended July 27, the lingerie and accessories retailer’s net loss stood at $7.2 million, compared to $3.9 million in the same period last year.
Sales declined 19% to $16.5 million from $20.3 million in the prior year, while comparable store sales fell 12.6%. Gross margin dropped to 24.1% from 32.4% last year.
During the full year, Frederick’s of Hollywood said net loss widened to $22.5 million from $6.4 million. in the previous year. Sales declined 22.3% to $86.5m from $111.4 million, while comparable store sales were down 16.7%.
Commenting on the results, CEO Thomas Lynch said: “The financial results for fiscal 2013 reflect the previous financial challenges we have faced, which impacted our ability to fully deliver on our merchandising strategy and overall brand strategy.
“However, we believe that these challenges can be overcome given the ongoing support we’ve received from certain vendors, partners and our lenders, and their commitment to the Frederick’s of Hollywood brand.”
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