Coldwater Creek Loss Narrows On Lower Costs
Sandpoint, Idaho Coldwater Creek Inc. on Tuesday reported a smaller loss for its fiscal third quarter, as cost-cutting measures helped counteract weaker sales.
For the three months ended Nov. 1, the company’s loss narrowed to $1.3 million compared with a deficit of $6.2 million a year earlier. Sales fell 16% to $228.5 million from $271.2 million. Same-store sale fell 20.5%.
For the quarter, retail sales fell to $175.4 million from $186.3 million, a decline of 6%. Direct sales, or sales made by the phone or Internet, sank 38% to $53 million from $84.9 million.
The company opened 19 stores during the quarter, and has opened eight since the end of the quarter, giving it a total of 349.
Chief executive Daniel Griesemer said Coldwater Creek is not satisfied with its quarterly results, but he believes the company has taken the proper steps to weather a difficult economic period. He said the company is confident that its balance sheet is strong enough to help the company survive reduced spending by consumers.
On Nov. 3, Coldwater Creek cut its third-quarter guidance and said it will open 15 new stores in fiscal 2009, down from an earlier goal of 40 stores. It said the change would cut its fiscal 2009 spending roughly in half.
Fisher resigns from Godinger
NEW YORK Mark Fisher has resigned as president and chief marketing officer of Godinger. He will become a partner at International Industrial Development Associates.
Fisher was with Godinger for 15 years, his tasks will be assumed internally.
Charming Shoppes posts better-than-expected 3Q loss
BENSALEM, Pa. Charming Shoppes reported a loss form continuing operations of $23.7 million of 21 cents per diluted share on a non-GAAP basis. The company had projected a diluted loss per share in the range of 35 cents to 37 cents.
Net sales from continuing operations for the thirteen weeks ended Nov. 1 decreased 8% to $553.1 million, compared to net sales from continuing operations of $599.7 million for the thirteen weeks ended Nov. 3, 2007.
Net sales for the company’s retail stores segment were $528.5 million during the quarter, a decrease of 10% compared to $588.1 million during the same period last year. Consolidated comparable-store sales for the company’s retail stores segment decreased 9% during the quarter. The decrease in consolidated comparable-store sales compares favorably to the company’s previous projection for sales declines in the low double digits.