Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Groupe Bikini Village inc. Reports its Results for the Third Quarter of 2012

SAINTE-JULIE, QUEBEC -- (Marketwire) -- 12/06/12 -- Groupe Bikini Village inc. (TSX:GBV) ("Groupe Bikini Village" or the "Corporation") today reported the results of its third quarter of 2012. The Corporation experienced a decline in sales following the closure of under-performing stores, as well as reduced sales in comparable stores due to the challenging retail environment, especially in Ontario.

2012 third quarter results

Net sales for the third quarter, which ended October 27, 2012, were $6.2 million, compared to $6.6 million in the corresponding period the previous year. Comparable sales, which compares the sales from the same number of stores year-over-year, decreased by 5.6% for the quarter.

The Corporation's operating loss (EBITDA(1)) for the third quarter was $1.9 million, compared to operating loss (EBITDA(1)) of $1.5 million for the third quarter of the previous year. The increase in the operating loss is principally due to a decrease in the marginal contribution, which is affected by lower sales volume compared to 2011 as well as a decrease in gross margins which resulted from promotional activities undertaken to stimulate sales.

For the quarter ended October 27, 2012, the Corporation's net loss was $1.8 million (($0.93) per share, basic and diluted), as compared to net loss of $1.5 million (($0.77) per share, basic and diluted) for the same quarter in the previous year.

The Corporation's activities are seasonal, and merchandise sales are generally higher in the second and fourth quarters. As a result, the operating loss for the quarter ended October 27, 2012 is not necessarily indicative of the operating results for a full year.

Results for the first nine months of 2012

Net sales for the nine-month period ended October 27, 2012 were $29.6 million, down from $30.1 million in the corresponding period of the previous year. Comparable sales were 1.2% lower in the first nine months of 2012 than they were in the first nine months of 2011.

The operating loss (EBITDA(1)) for the nine-month period ended October 27, 2012 was $259,000, compared to positive EBITDA(1) of $432,000 in the comparable nine-month period in the previous year. The negative variance in EBITDA(1) for this period was the result of decreased sales revenues caused by additional promotional activities required in the competitive summer season, as well as a continuing challenging retail environment in the third quarter and the lower gross margins resulting from it.

For the nine-month period ended on October 27, 2012, net loss totalled $1.3 million (($0.70) per share basic and diluted), as compared to net loss of $0.9 million (($0.49) per share, basic and diluted) in the same period of 2011.

Outlook (2)

"Because the economy continues to be impacted by uncertainty and ambivalence, short-term prospects are modest; a reduction in consumer spending for non-essential goods could result," said Mr. Simard President and CEO of Groupe Bikini Village inc.. "We expect our market to remain highly-competitive and price-sensitive, which will continue to put pressure on our comparable sales."

"While the current environment is challenging, the work we have undertaken in recent years has prepared us well - and the foundations for creating value for our shareholders are in place," Mr. Simard said. "In the coming months, we plan to achieve our business objectives as well as our goal to increase shareholder value by focussing on customer-centric activities that drive revenues, cash generation and profits."

Mr. Simard indicated that acquisition and retention of new and existing customers, respectively, through an approach focussed on the needs and wants of Groupe Bikini Village's most valuable customer segments, will be a Corporation's priority.

"We will also persist in our efforts to identify and take advantage of opportunities to create long-term value," Mr. Simard said.

Groupe Bikini Village inc.'s full third 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.

About Groupe Bikini Village

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 55 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.

Notes

(1) The term EBITDA (earnings before net finance costs, income taxes, depreciation, amortization, net impairment loss, reorganization fees and unusual items) does not have any standardized meaning prescribed by Canadian Generally Accepted Accounting Principles applicable to publicly accountable enterprises ("GAAP") and may not be comparable to similarly-titled measures presented by other companies. Please refer to the section of Groupe Bikini Village inc's MD&A for the for the nine-month period ended October 27, 2012, dated December 6, 2012, entitled "Non-GAAP Financial Measures." It is available on SEDAR at www.sedar.com.

(2) To be read in conjunction with "Forward-looking statements" below.

Forward-looking statements

This news release contains certain forward-looking statements concerning Groupe Bikini Village inc.'s future operations, economic performance, financial conditions and financing plans. These statements are based on certain assumptions and analyses made by management in light of their experience and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate under the circumstances. However, whether actual results and developments will conform to management's expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Corporation. Management undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable law.

                                                                            
GROUPE BIKINI VILLAGE INC.                                                  
STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS                               
(in thousands of Canadian dollars, except amounts related to shares)        
(unaudited)                                                                 
                                                                            
                               Three months ended         Nine months ended 
                         October 27,  October 29,  October 27,  October 29, 
                                2012         2011         2012         2011 
                                                                            
                         ---------------------------------------------------
                                                                            
Revenues                 $     6,246  $     6,594  $    29,553  $    30,126 
                                                                            
Cost of goods sold             2,973        2,931       13,459       13,293 
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
Gross profit                   3,273        3,663       16,094       16,833 
                                                                            
Operating and                                                               
 administrative expenses       5,540        5,485       17,400       17,451 
                                                                            
Net finance costs                143          188          470          607 
                         ------------ ------------ ------------ ------------
                                                                            
Loss before income tax                                                      
 recovery                     (2,410)      (2,010)      (1,776)      (1,225)
                                                                            
Income tax recovery             (631)        (545)        (445)        (297)
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
NET LOSS AND                                                                
 COMPREHENSIVE LOSS (1)  $    (1,779) $    (1,465) $    (1,331) $      (928)
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            
                                                                            
LOSS PER SHARE                                                              
  Basic and diluted            (0.93)       (0.77)       (0.70)       (0.49)
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            
                                                                            
Weighted average number                                                     
 of oustanding shares                                                       
  Basic and diluted        1,910,920    1,910,597    1,910,705    1,910,597 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
(1) A reconciliation of net loss and comprehensive loss to earnings before  
 interest, taxes, depreciation and amortization ("EBITDA") is as follows:   
                                                                            
                                                                            
Net loss and                                                                
 comprehensive loss      $    (1,779) $    (1,465) $    (1,331) $      (928)
                                                                            
Income tax recovery             (631)        (545)        (445)        (297)
                                                                            
Net finance costs                143          188          470          607 
                                                                            
Depreciation and                                                            
 amortization of capital                                                    
 and intangible assets           357          327        1,047        1,050 
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
EBITDA                   $    (1,910) $    (1,495) $      (259) $       432 
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            

Contacts:
Yves Simard
President and Chief Executive Officer
(450) 449-1310 ext 4797
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.