Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

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 
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            

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
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...