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Executives

Jean Fontana - Senior Vice President

Brian P. Woolf - Chief Executive Officer and Director

Thomas W. Stoltz - Chief Financial Officer, Chief Operating Officer and Treasurer

Analysts

Erika K. Maschmeyer - Robert W. Baird & Co. Incorporated, Research Division

Sharon Zackfia - William Blair & Company L.L.C., Research Division

Stephanie S. Wissink - Piper Jaffray Companies, Research Division

Michael Richardson - Sidoti & Company, LLC

Jacob Zitter - Robert W. Baird & Co. Incorporated, Research Division

Body Central (BODY) Q4 2012 Earnings Call February 28, 2013 4:30 PM ET

Operator

Good day, ladies and gentlemen and thank you for standing by. Welcome to the Body Central Corp. Fourth Quarter 2012 Earnings Results Conference Call. As a reminder, today's conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Ms. Jean Fontana of ICR. Please go ahead, ma'am.

Jean Fontana

Thank you. Good afternoon, everyone. Thank you for joining us today for Body Central's Fourth Quarter and Full Year 2012 Earnings Conference Call. Hosting the call today will be Brian Woolf, the company's Chief Executive Officer; and Tom Stoltz, the company's Chief Operating Officer and Chief Financial Officer.

You can access a copy of today's press release on the company's website at www.bodyc.com, or by dialing (203) 682-8200. Before we begin, let me remind you that certain statements made on today's call, during our prepared remarks or in response to your questions, may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both unknown and known risks and uncertainties that could cause results to differ materially from such statements. Those risks and uncertainties are described in the company's reports and registration statements filed with the SEC. Investors should not assume that statements made during this conference call today will be offered at a later time. Body Central undertakes no obligation to update any of the information discussed on today's call.

And with that, I'd like to turn the call over to Brian Woolf.

Brian P. Woolf

Thank you, Jean. Let me begin by saying how happy I am to be on the Body Central team. For those of you who do not know me, I've had a passion for women's apparel throughout my 40-year career that has included my early days of Macy's Federated Department Stores; my stint as EVP of Merchandising at The Limited; Chairman of the Board and CEO of Cache for 8 years; and most recently, Group President of the Lane Bryant division. I believe that we have a unique opportunity to position Body Central within the fast fashion space as a sexy, edgy lifestyle brand, offering exceptional value to our customers. This positioning will enable us to more effectively serve our current customers while reaching a broader customer base. We are also building our management team, particularly in the areas of merchandising and marketing, to ensure that we have the support necessary to achieve our vision.

On today's call, I will outline some key initiatives for the company. While I hope you'll appreciate that we are in the process of reformulating our strategic plan, I will take you through some of our long-term goals. Tom will then take you through the details of the fourth quarter and full year 2012 results.

Before delving into our long-term strategy, let me take a moment to discuss our top priority, which is to develop an organizational structure consisting of a talented team to execute our strategic plan. As we mentioned in the press release we distributed earlier this week, we have recently posted our merchandising and e-commerce groups with the addition of 4 new executives who bring diverse retailing experience and in-depth knowledge in the areas of branding, merchandising, CRM, marketing and strategic planning.

Andrea Jackson, our new Senior Vice President and General Merchandise Manager, brings almost 30 years of merchandising experience. She comes to us from Sears, where she was responsible for juniors' apparel and women's dresses and outerwear. Previously, she spent 6 years at Wet Seal.

Patti Simigran joins as Senior Vice President of e-Commerce and Direct Merchandising. Patti has experience as Chief Merchandising Officer at Maurice's, where she led all aspects of merchandising, design and sourcing.

Grant Simmons takes on the new role of Vice President of e-Commerce Marketing. Previously with Coldwater Creek, he was responsible for strategizing and executing digital marketing programs.

And most recently, we hired Debbie Martin as SVP of Design and Trend, to be based out of New York City. Debbie was most recently at Lane Bryant where she served as SVP of Design, Trend and Product Development, and was responsible for vertical product integration. Prior to her time with Lane Bryant, she was VP of Product Development at Chico's, Group VP at Liz Claiborne, and she ran the New York product office for Talbot's.

In addition to these 4 new roles, over the next several months, we plan to add a Lead Marketing Executive and a Head of Planning and Allocation. These executives will help define, build and market the brand and provide analytics to understand the business at a more detailed level.

With a profitable organizational structure in place, we can begin to execute our 3-pronged strategy towards achieving our strategic vision. First, we will build brand equity. We will begin the process of interviewing a market research firm to help us gain a firmer grasp on our core customer and build upon that foundation while also expanding to new customers. We believe that in order for us to serve this customer well, we will have to establish our brand and clearly and consistently communicate to her what Body Central stands for. This should be communicated to our merchandise assortment, our marketing programs and across our retail catalog and e-commerce channels. With the help of Debbie Martin in her new role, we will develop the market intelligence that will give us an established point of view on the most current fashion trends and present them in a way that speaks to our customer.

Overall, our merchandise assortment will always reflect a sexy, edgy lifestyle brand for all occasions and at amazing value. Our customer will come to Body Central to create a fashion ensemble for every facet of her life. We will take a distinct point of view, offering a merchandise assortment that reflects the latest trends in an impactful way while maintaining a balanced assortment across categories.

In the past, we were over assorted with too many styles, making it difficult for us to make clear a statement on the latest fashion trends. We will work to build upon our strengths in certain categories while further developing those where we see opportunities. While we will maintain the test and reorder strategy, we will become even more focused, analytical and disciplined in the reaction to our test, enabling us to make the strongest statement in the merchandise we believe in. While we will continue to offer a broad merchandise assortment, we plan to reduce our SKU count as we hone in on product that clearly represents the latest trends. We will execute on these merchandising initiatives while maintaining the speed and flexibility to react quickly to changing fashion trends.

In support of this merchandising strategy, we will work to enhance our sourcing capabilities. We plan to build upon our vendor base while maintaining strong relationships with our current key vendors, as we work together to achieve a common goal. We will look to improve upon our processes including greater emphasis on planning and allocation that will generate increased efficiencies and drive higher margins. We also plan to move to direct sourcing in core categories. This will enable us to enhance the quality of this merchandise while also capturing higher initial margins, ultimately giving us more flexibility to make stronger fashion statements in our sexy, edgy merchandise categories. We believe that these initiatives will drive improved and more consistent margin performance over the long term.

Second, we will develop a store prototype that will reflect where the sexy, edgy customers wants to shop. Our focus is to make the stores more aspirational, more exciting and easier to shop for our customers. This means making changes to the layout and ambiance our stores. As I mentioned before, we will be reducing our SKU count, which will allow us to make the stores less cluttered and easier to shop. We'll also be lowering the racks and installing lighter, brighter fixtures, making for a much more inviting environment. We want to communicate value and create focus on the product while presenting the latest fashion trends. We're currently working on developing a prototype that we will test to 2013. Until we have this new format in place, we believe that it's prudent to slow our store growth. We currently have approximately 25 new lease commitments to 2013, and we will open these stores as planned throughout the year.

Thirdly, we will create a multichannel experience with a consistent brand message across channels. We want our customer to have a consistent experience when they walk into our stores, open our catalog and visit our website. Each channel will convey a powerful aspirational brand message that resonates with our customer base. During 2013, we will work to bridge the gap that currently exist between our retail and direct customers. Over the next several months, we will create a testing ground with a small subset of stores. This will allow us to push the envelope with new ideas in a methodical way. Everything we do will be done with focus and discipline across all areas of the business, from merchandising, operations, real estate, marketing and finance. We expect that the first half of the year will be challenging for us as we move through some of our current merchandise, bringing in a fresh -- refreshed assortment, and begin making updates to our stores.

We anticipate the clearance markdowns will be a larger percentage of our business for the first few quarters and as a result, we'll see lower average unit retails during this period and significant margin pressure. I do believe that we can expect to see improvement beginning in the third quarter with increasing momentum into the fourth quarter, and onto 2014, as these strategies unfold.

Overall, we have a solid foundation from which to build and have already identified the key areas that need our focus. Now it all comes down to executing the strategy. I believe that once we have the elements of our strategy in place, we can significantly improve our performance in 2014 and beyond.

Now Tom will take you through the 2012 results and some directional thoughts on 2013.

Thomas W. Stoltz

Okay. Thanks, Brian. First, I will cover our fourth quarter results for 2012. Net revenues increased 0.3% to $81 million for the fourth quarter of this year, from $80.7 million last year. Store sales increased 1.2% to $73.8 million for the quarter from $73 million last year. This increase was driven by net new store unit growth of 14.5%, representing 39 new store openings and 4 store closings, partially offset by an 11.6% decrease in comparable store sales for the quarter. Our comparable store sales decrease for the quarter was driven by a decrease in the number of transactions per store with the average transaction amount increasing slightly.

Direct sales, including shipping and handling fees, totaled $7.2 million for the quarter, as compared to $7.8 million for last year. This decrease was driven by lower revenue per catalog mail. We opened 13 stores during the quarter and closed 9. We operated 276 stores at the end of the year versus last year's total store count of 241. Gross profit for the quarter decreased 12.5% to $24.5 million, from $28 million in the fourth quarter of last year. And as a percent of sales, decreased 440 basis points to 30.3%. This decrease was driven primarily by increased markdowns taken to clear slow-moving merchandise, especially in the month of December.

Selling, general and administrative expenses increased 11.9% to $18.8 million for the quarter, and as a percentage of sales, was 23.2%. The increase in total expenses was primarily due to an increase in store operating expenses related to the growth in new stores. As a percentage of sales, store operating expenses increased 110 basis points to 16.3%, resulting from deleveraging against negative comparable store sale in the quarter.

Overall, SG&A expenses increased as a percentage of sales by 240 basis points, including corporate costs. Depreciation and amortization expense increased to $1.8 million as compared to $1.4 million in the same quarter of last year, primarily from the addition of new stores and new systems. As a result of these factors, operating income decreased 60.3% to $3.9 million from $9.8 million last year.

Operating margin contracted 740 basis points to 4.8% of sales. Our effective tax rate for the quarter was 39.7% compared to 37.7% in last year's fourth quarter. The higher rate this year was due to Congress not renewing the WOTC credits until the first quarter of 2013, partially offset by lower state income tax of this year in the quarter.

Finally, net income for the quarter decreased 60.8% to $2.4 million or $0.15 per diluted share based on 16.3 million weighted average shares outstanding. This compares to net income of $6.1 million or $0.38 per diluted share on 16.2 million shares outstanding last year.

Reviewing for the fiscal year, net revenues increased 4.9% to $311 million from $296.5 million last year. Store sales increased 5.1% to $275.1 million as result of a 15% increase in store count, partially offset by our same-store sale decrease of 8.1%. Direct sales increased 3.4% to $35.8 million as a result of increase in the catalog distribution over the prior year. Gross margin contracted 270 basis points to 32.2%, primarily from deleveraging occupancy and distribution cost and higher markdowns. Our operating margin contracted 450 basis points to 6.2%, and our net income decreased 39.4% to $11.9 million or $0.73 per diluted share.

Now turning to our balance sheet. Cash and cash equivalents were $41.1 million with no debt at the end of the quarter, compared to cash and cash equivalents of $42 million and no debt in the fourth quarter last year. This reflects cash from operations of $16.2 million, and CapEx of $17.9 million, excluding tenant allowances. Our inventories were $23 million compared to $21.1 million at the end of the quarter last year. On an average store basis, inventory decreased 4.6% from last year. For 2013, we expect CapEx to total about $22 million, primarily as result of the buildout of our new DC and office facility.

Next, due to our challenging current sales trends in 2013 being a transition year with new leadership, we are suspending our practice of giving current quarter and full-year guidance at this time. However, we do want to call out a few specific items that will impact 2013 results. First, with our recent announcement of additions to our merchandising team and a couple more positions to come, and the resignation of Beth Angelo as our Chief Merchandising Officer, we have about $1.8 million in additional salary severance, relocation and recruiting cost than we originally planned. Also with our new emphasis on improving the customer shopping experience by redesigning our store layout, we will slow our store growth rate this year to 25 openings. In addition, we expect to incur about $1 million in additional occupancy and relocation costs related to the move of our new DC and office facility later this year.

As Brian indicated, we continue to expect difficult sales trends throughout the first half of this year, as our inventories will be heavily skewed to clearance goods. At this point, we would expect comparable sales to remain negative for the first half of the year and end up negative for the full year, even though sales trends should improve during the last half of the year. In addition, due to our new goal to reduce the number of SKUs in our stores, we will be more aggressive with clearance markdowns in the first half of this year, resulting in a significant reduction in gross margins during the same period. With all these considerations factored in, we view 2013 as the year of stabilization, repositioning and rebalancing.

And now, operator, please open the call up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] We will take our first question from Erika Maschmeyer from Robert W. Baird.

Erika K. Maschmeyer - Robert W. Baird & Co. Incorporated, Research Division

Welcome, Brian, and the rest of the team. So could you talk a little bit more about the process improvements that you're looking to make on the merchandising side? And where you think you might end up tweaking and testing reorders?

Brian P. Woolf

Well, in terms of the test and reorder, I think, possibly, we have been testing too much of lower levels in terms of the testing scenario that we came up with. I think, the tests that we will be looking to institute have to be big enough to really move the needle. I think the tests -- well, I know that the tests will become more focused and will have bigger impacts on the business, the store prototype, which we will be testing will be key, new fixturing will be key, perhaps we will have a desk [ph] test in terms of how many units in important classification stores can certainly handle. So I think we'll look to refine the testings. Working with Andrea and Patti, certainly, we feel that this opportunity is in making much bigger merchandise statements and becoming more focused in some key categories, certainly starting in July, and really going to the third and fourth quarter. So we will be looking to become much more focused and disciplined towards that we will talk a lot about here in this company. And make bigger statements in the merchandise that we believe in.

Erika K. Maschmeyer - Robert W. Baird & Co. Incorporated, Research Division

That makes a lot of sense. On the over assortment on the SKU front, are there any particular areas that you feel that Body Central maybe played in where it didn't have as much authority with consumers? Are there particular areas, I guess, that you're more excited about reducing exposure to?

Brian P. Woolf

I think we have an opportunity to be more well-rounded in our total lifestyle presentation. Clearly, we want to be known in terms of our best category, in terms of the nightlife piece of the business, we want to maintain that, but we also feel that there's a sexy, edgy way to work piece of the business, more on the casual side and even in active.

Erika K. Maschmeyer - Robert W. Baird & Co. Incorporated, Research Division

And then do you expect to make changes to the overall pricing and promotional strategy? In particular, being primarily everyday low value?

Brian P. Woolf

No, we love our position in the marketplace. We got to the business that's from 5 90 to 19 90, and we love that everyday value proposition as there's no reason to go high low. We're certainly not going to mess around with which once was a very successful value proposition. I think the opportunity is on the marketing side to get that value messaging in more coherent way. And certainly, to drive that value proposition in a multichannel opportunities of the catalog, the e-com piece of the business, as well as our stores.

Operator

[Operator Instructions] We'll move next to Sharon Zackfia from William Blair.

Sharon Zackfia - William Blair & Company L.L.C., Research Division

I was disconnected for a few minutes so I missed Erika's questions. So if they're redundant, sorry. But you had mentioned direct sourcing, can you give us any idea on what categories you're looking at for direct sourcing? And how that would impact your lead times in the business?

Brian P. Woolf

Well, certainly, as we go through our overall assortment, we have key item T-shirts, we have some key items jeans, we have some funky pants, we've got tanks. We've got a lot of opportunity, we think, to do, not in the fashion side of the business or the novelty side of the business, but the core side of the business, an opportunity to do some direct business and look at IMUs, initial markups, and therefore, margins, much higher than we've been able to source domestically. We also think that there's an opportunity in terms of the lingerie side of the business, certainly on our site, and so we'll be looking to work with some key suppliers on a direct basis.

Sharon Zackfia - William Blair & Company L.L.C., Research Division

Okay. And then separately, on the SKU count rationalization, can you give us any idea on kind of order of magnitude and if there are any categories in particular where we should look for that rationalization?

Brian P. Woolf

Well, tops and bottoms in general we think that we were over SKUed and as we make bigger lifestyle presentations, obviously, the way we will do it is understanding what classifications we want to make much bigger statements in investing those dollars and those SKUs, and kind of like almost by default, a huge amounts, I think of, well, I wouldn't say huge, x amount of extraneous styles, SKUs, choices will fall away at the end, just because we're then not open to buy, we will not fund them. So we will -- we're not going to be looking to hedge our bets everywhere, through sportswear, we will make some big statements in merchandise that we believe in and become more focused.

Operator

Steph Wissink from Piper Jaffray has your next question.

Stephanie S. Wissink - Piper Jaffray Companies, Research Division

Brian, I just have a very quick observational question, as you joined the team and really kind of had a chance to look at this industry and the company from the outside in, what are some of the observations that you've had here since you've started and then maybe what are the things that you think prioritizing some of the most nearest-term opportunities?

Brian P. Woolf

I think, as a lot of the power retailers go through cycles that are up and down, I think, when the business gets difficult, you need to reevaluate exactly what's happening in the business. It's always my experience that obviously, in the fashion side, certainly, we're looking at the combination of art and science. And if the science isn't right, if the fundamentals are slightly off, our PR piece never really come into play because it's slightly skewed and out of whack. I think, as we take a look at our SKU count, as we make some hard decisions about merchandise that we don't need, and put bigger focus on some of the merchandise that we do need, I think the focus and discipline will come into the organization. And once we get those fundamentals down, I think the business will start to experience a resurgence. Certainly, we hope that to be in the third and fourth quarter. Now I think that's true with most of the power retailers when the business gets difficult, is maybe the fundamentals need to be refined.

Stephanie S. Wissink - Piper Jaffray Companies, Research Division

Just one follow-up question, if you could talk a little bit about the variability in the cost structure, where do you feel like you have some flexibility as we go through this transitional period? Can maybe offset some of the margin pressure that we could see?

Brian P. Woolf

Well, we're going to take markdowns on the merchandise that's not selling and we're in the process of doing that right now, we've already stated that, that we're going to -- we will experience margin pressure in the first and second quarter. As we meet with some of these key suppliers in the marketplace that has an ability to work with us on a direct basis, I think we'll have to quantify, in some of these key classifications, T-shirts being one, what the opportunities are. It would be a little bit presumptuous of me to tell specifically where we're going to be when we really haven't had those meetings yet, they will take place the week after next.

Stephanie S. Wissink - Piper Jaffray Companies, Research Division

How about on the operating structure side, beyond the merchandise cost?

Thomas W. Stoltz

In terms of what specifically do want to know there?

Stephanie S. Wissink - Piper Jaffray Companies, Research Division

Just in terms of any variable expense components that you might be adjusting to help minimize some of the operating margin pressure?

Thomas W. Stoltz

Well, we actually did a pretty good job in 2012 of managing our store payroll, our store payroll as a percent of sales actually went down slightly last year, even in a negative comp environment. So I think we've done a decent job of controlling the expense side of the equation, particularly where it's variable where we can take some action. So we'll continue to try to be as cost conscious as we possibly can as we go through 2013. But we do want to invest in some areas where resources like in merchandising and marketing are going to help get the business back on track.

Operator

Moving on to Mike Richardson from Sidoti.

Michael Richardson - Sidoti & Company, LLC

Just a couple of quick questions. I'm wondering if you guys are seeing any impact on your customer due to the effect of the higher payroll tax? And second, with regard to new store openings, obviously, you're cutting that back a little bit this year, does that mean you will not be expanding into new markets, you're focused on new store openings in current markets?

Brian P. Woolf

Well, in terms of the store opening fees, clearly, if great opportunities present themselves, we're going to take advantage of that. Probably the place that we will take a long and hard second look at and we already have is our expansion into the Northeast, where since our business is not where we would like to see it, the expenses are much higher in terms of opening new stores. So we are going to take a look geographically around the country, in what makes sense for the business and where we can make money. Our business model, I think, in terms of new stores, really is very profitable and we're very happy with our real estate structure and we need to slow down the expansion where it would put a lot of pressure on the top line that we don't feel comfortable with where we have an opportunity possibly in the Midwest, continued expansion in Texas, as well as in the South. Where the economics makes sense, we will obviously look at those opportunities. So the business will dictate how aggressive we can become when we start to see our strategies take hold.

Operator

Your last question will come from Jerry Hamlin [ph] from Dougherty & Company.

Unknown Analyst

Brian. I wanted to ask you, in terms of the SKU rationalization that you're planning to do, does that imply that you may also have a reduction in kind of the number of price points, the tiers of pricing that you have in the store now?

Brian P. Woolf

No, I think we're very comfortable with where our price points are. I think what we will look to do selectively is possibly in a good, better, best positioning, there may be an opportunity in the better to best categories rather than just the opening price point good. The best selling items that we have are at higher price points and higher up in the fashion scale. So we will look to make that evaluation. But the pricing overall, we are very comfortable with and we love our value proposition in the marketplace.

Unknown Analyst

I don't mean the pricing itself so much as the number of different price points that you have within the store, is it going...

Brian P. Woolf

The answer is yes. I think we can group more categories and more styles into more succinct price points.

Thomas W. Stoltz

The answer is yes, there will be price point rationalization there.

Unknown Analyst

And then I just want to follow-up on the prior question in terms of we've heard a lot of stress being put on your core consumer and customer by higher payroll tax, later tax refunds, is that something that you are seeing in your business as well?

Brian P. Woolf

We saw it -- I'm going to let Tom speak to that. I think that we saw it initially but, I think, as people get adjusted to that, higher gasoline prices, I mean, the consumer clearly is under pressure. Tom, you want to speak to...

Thomas W. Stoltz

Yes, I think it has an impact. I think the delay of the rapid refunds actually had a bigger impact that we could see in weekly trends than maybe the increase in the payroll taxes. But I will say, the company performed very well in late '09, we were in a recessionary period, so I think you if you have the right product, you're going to have some good performance. So it really comes down to having the right product and executing well.

Jacob Zitter - Robert W. Baird & Co. Incorporated, Research Division

Okay. And then, Tom, can you help me reconcile, I believe that you guided CapEx for 2013 to $22 million, and how does that reconcile in terms of your slowing the number of stores that you have or that you're going to roll out this year, but you're going to have a pretty significant increase in total CapEx, is that -- do you anticipate the buildout being more expensive this year or is it just working with the new prototype models is going to be more...

Thomas W. Stoltz

It's actually neither of those. We are building a new office and distribution complex and $10 million to $12 million of capital we're projecting will be spent on that. So if you take that out, it's $10 million left and that's going to be the new stores that we do open and some new system enhancements that we're putting in place during the year.

Operator

That does concludes today's question-and-answer session. Mr. Woolf, I'd like to turn the conference back over to you for any closing remarks.

Brian P. Woolf

Well, I think that we made the tough calls. We've taken the hits. We will continue to mark down merchandise that's not selling and we will do it immediately. There's no reason to wait. Merchandise that's not selling now is not going to get any better. We are optimistic in terms of the direction that we see in the third and fourth quarter, so let's see if we can get our strategies in place and execute towards the back half of the year.

Thomas W. Stoltz

Very good. Thanks, everybody. We appreciate it.

Brian P. Woolf

Thank you.

Operator

And that does conclude today's teleconference. We thank you all for your participation.

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