Financial Reports: Alloy, Jos. A. Bank

Write-downs Crimp Alloy’s Fourth Quarter

New York-based teen products and marketing services provider Alloy, whose catalogs include Delia’s, Dan’s Comp, and CCS, reported a net loss of $76.2 million for the fourth quarter ended Jan. 31. For the fourth quarter of the previous year, Alloy had posted net income of $8.1 million.

Most of the red ink resulted from a noncash write-down of $70.8 million related to its July 31 acquisition of Delia’s Corp., its chief rival in the teen apparel sector. On the top line, Delia’s accounted for the company’s 23% rise in fourth-quarter merchandise revenue, to $78.4 million, offsetting sales declines from Alloy’s other titles. Including sponsorship and other revenue, Alloy had total fourth-quarter revenue of $116.3 million, up 12% from the fourth quarter of fiscal 2002.

For the year ended Jan. 31, Alloy lost $83.7 million; it had reported net income of $23.3 million the previous year. Revenue totaled $371.9 million, compared with $299.3 million for fiscal 2002. Net merchandise revenue was $186.9 million, up from $167.5 million.

Bottom Line Bulges at Jos. A. Bank
Hampstead, MD-based Jos. A. Bank Clothiers (Nasdaq NM: JOSB) increased its annual net income 52%, to $16.6 million for the year ended Jan. 31. The men’s apparel cataloger/retailer’s annual sales rose 23%, to $299.7 million. Combined catalog and Internet sales increased 17% for the year.

Fourth-quarter sales rose 30%, to $100.9 million, with direct sales increasing 16%. Net income for the quarter increased to $9.6 million from $6.4 million the previous year.

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