New York / NY. (bw) Crumbs Bake Shop Inc., the largest cupcake specialty store chain in the U.S., reported financial results for the quarter ended March 31, 2012. Q1/2012 highlights as compared to first quarter 2011 highlights:
- Net sales increased 16,0 percent to 11,3 million USD; gross profit increased 15,4 percent to 6,5 million USD.
- Store operating weeks increased 48,1 percent to 650 from 439.
- Net loss attributable to stockholders was (0,5) million USD or (0,09) USD per diluted share, compared to net income of 0,1 million USD or 0,01 USD per diluted share.
- Net loss attributable to the controlling and non-controlling interests was (0,9) million USD compared to net income of 0,1 million USD.
- Adjusted Ebitda, a non GAAP measure, of (0,1) million USD compared to 0,5 million USD.
- Opened one store in each of Boston, Chicago and Washington, D.C.
Julian R. Geiger, President and Chief Executive Officer: «Our first quarter results were disappointing, but were essentially what we had envisioned. As we move through a transitional period, we are pleased with the progress we are making on our ‘six point’ strategic plan: creating an emotional connection with the customer; restructuring our organization; upgrading supply chain management; migrating to a coherent real estate strategy; building and maintaining a unique corporate culture; and controlling expenses. We believe that we are positioning ourselves for an improved financial performance in the second half of 2012 and beyond, by focusing on these initiatives».
First Quarter 2012 Financial Results
Net sales for the first quarter of 2012 increased 16,0 percent to 11,3 million USD from 9,7 million USD for the same period last year. Store operating weeks increased 48,1 percent to 650 from 439. Cost of sales increased 16,9 percent to 4,8 million USD from 4,1 million USD and increased 30 basis points to 42,2 percent as a percentage of net sales. Gross profit increased 15,4 percent to 6,5 million USD from 5,6 million USD when compared to the first quarter of 2011. Staff expenses were 3,4 million USD compared with 2,9 million USD for the same period last year. General and administrative expenses were 0,8 million USD or 7,0 percent of net sales, compared to 0,4 million USD for the same period last year or 3,9 percent of net sales. Adjusted Ebitda was (0,1) million USD compared to 0,5 million USD in the same period last year. See financial tables for a reconciliation of adjusted Ebitda (earnings before interest, taxes, depreciation and amortization), a non-GAAP measure, to GAAP results. Net loss attributable to stockholders was (0,5) million USD or (0,09) USD per diluted share, compared to net income of 0,1 million USD or 0,01 USD per diluted share. Net loss attributable to the controlling and non-controlling interests was (0,9) million USD compared to net income of 0,1 million USD for the same period last year.
Store Development
During the first quarter of 2012, the Company opened one store in each of Boston, Chicago and Washington, D.C. For the remainder of the year, the Company anticipates opening one store in New York City and between five and seven mall-based stores within the Boston to Washington, D.C. corridor. In addition, the Company may also selectively look to terminate some existing leases, for under-performing stores, as part of its ongoing efforts to strengthen its overall portfolio.
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