Killough Out as Delia’s CEO

Delia’s CEO Walter Killough has agreed to step down on April 1, four months before his contract is set to expire. The company has begun a search for a new CEO, and Killough may agree to continue to serve as CEO of Delia’s for a limited period of time after April 1, according to a press release.

Killiough became Delia’s CEO in May 2010, according to his LinkedIn profile, and served as COO for the multichannel teen and young women’s apparel merchant for six years before that. He also served as J. Crew’s COO for 10 years.

The holiday season was not a bright spot for Delia’s. For the combined November and December period, Delia’s revenue decreased 2.2% to $50.4 million compared to the same period in fiscal 2011. Revenue from the retail segment decreased 4.4% to $26.3 million, due to a reduction in store count, partially offset by a comparable store sales increase of 2.2%. Revenue for the direct segment remained flat at $24.1 million, with sales for the Delia’s brand increasing double digits, offset by a double digit decrease in the Alloy business.

However, for the combined November and December period, total merchandise margins increased approximately 30 basis points compared to the prior year period. Based on these results, the Company now expects year-end cash and cash equivalents of $19 million to $22 million.

For the third quarter, Delia’s revenue decreased 4.0% to $55.7 million from $58.1 million in the third quarter of fiscal 2011. Revenue from the retail segment decreased 2.8% to $35.2 million, due to a reduction in store count, partially offset by a comparable store sales increase of 2.4%. Revenue from the direct segment decreased 6.1% to $20.6 million on a catalog circulation decrease of 14.4%.

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