Cost Plus 1Q loss widens
OAKLAND, Calif. Cost Plus Thursday reported that net loss for the first quarter of fiscal 2007 was $11.1 million, or 50 cents per diluted share, compared to a net loss of $3.5 million, or 16 cents per diluted share, for the same period last year. On May 24, the company reported a preliminary estimated net loss of $12 million, or 54 cents per diluted share.
Net sales for the first quarter of fiscal 2007 were $207.9 million, a 2.4% decrease over the first quarter of fiscal 2006 net sales of $213 million. Comparable-store sales for the quarter decreased 8.1%, compared to a 4.3% decrease for the first quarter of 2006. The decrease in comparable-store sales was primarily the result of decreased customer traffic and a decrease in average transaction size.
Select Comfort lowers 2Q, FY outlook
NEW YORK Select Comfort Corp. lowered expectations for its second quarter and full-year revenue in a conference call on June 13. Troubles in market and advertising have kept Select Comfort from halting a sales skid blamed, in part, on a macroeconomic environment that is penalizing home retailers.
The company said second quarter sales would come in at about 5% under a year ago when they were $188.6 million. It expects full-year sales to come in between $840 million and $860 million, which would represent growth in the mid single digits.
In early May, Douglas Collier, senior vp and chief marketing officer resigned his post after less than two years on the job.
FCC issues reminder about DTV conversion
WASHINGTON Wednesday, The Federal Communications Commission and the Consumer Electronics Retailers Coalition issued a reminder to retailers regarding the transition from analog to digital television. The FCC and CERC reiterated that as of May 25, all retailers must clearly label any broadcast television equipment they are selling that has only an analog tuner. FCC rules require that labels or signage clearly indicate if any “television receiver” (including any product with an analog but not a digital broadcast tuner) is “analog-only.”
The reminder comes as the United States approaches Feb. 17, 2009, the date when analog products will no longer be able to receive over-the-air television signals. After this date, all major U.S. television stations will stop broadcasting in the familiar analog format and will continue their transmissions only in digital.
The FCC and CERC also announced that starting in 2008, a government program will make available $40 subsidy coupons, two per household, to help defray the cost of converter boxes to consumers.Analog-only TVs should continue to work as before with cable and satellite TV services.