Gottschalks 3Q loss widens, blames economy
FRESNO, Calif. Gottschalks today reported a net loss of $4.1 million for the third quarter, or 30 cents per diluted share, compared to net loss of $2.7 million or 20 cents per diluted share, for the third quarter of fiscal 2006.
For the first nine months of fiscal 2007, net loss was $13.6 million, or 99 cents per diluted share, compared to a net loss of $6.2 million or 46 cents per diluted share in the first nine months of fiscal 2006.
As previously reported, same-store sales decreased 5.1% for the third quarter of 2007. Total sales decreased by 7.7% to $137.4 million from $148.8 million for the third fiscal quarter last year. Year-to-date same-store sales decreased 3.4%. Total sales for the nine months ended Nov. 3 decreased 4.9% to $424.1 million compared to $445.7 million in the same period in fiscal 2006.
Jim Famalette, chairman and ceo of Gottschalks, stated, “Both our top and bottom line results for the third quarter were impacted by the difficult retail environment. While we have experienced positive sales trends in our Pacific Northwest stores, this performance has been more than offset by challenges in many of our California stores. The issues in the home mortgage industry appear to be impacting the California consumer.”
Famalette added that the company expects a difficult holiday season due to a weak economic environment in California. Fourth quarter earnings are expected to be in the range of 40 cents to 50 cents per diluted share.
Kohl’s offers charitable gift options
MENOMONEE FALLS, Wis. Kohl’s reported today that is offering customers a chance to give back to the community with special $5 gifts.
Through its Cares for Kids program Kohl’s is selling hardcover children’s books for $5 a piece, with the profits going toward children’s health and education efforts across the country.
“Great gifts don’t have to cost a lot of money,” said Julie Gardner, evp and chief marketing officer of Kohl’s Department Stores. “Through Kohl’s Cares for Kids, great quality gifts are inexpensive and customers can feel good knowing that when they buy for one child, they benefit another.”
DSW reports 3Q sales, earnings growth
COLUMBUS, Ohio DSW today reported that its net income for the third quarter was $22.4 million and net sales for the quarter were $367.4 million. This compares to net income of $16 million and net sales of $332.2 million for the same period last year. The company reported same-store sales decreased 3% for the quarter versus an increase of 2.6% last year.
The company reported that diluted earnings per share were 51 cents for the third quarter of 2007 compared with 36 cents for the same period last year.
DSW said that it now estimated that fiscal 2007 diluted earnings per share will be in the range of $1.24 to $1.29, updated from the company’s previously announced estimate of at least 10% below last year’s reported diluted earnings per share of $1.48. The company also said it now expects comparable-store sales to be in the range of flat to down 1% for fiscal 2007, updated from the company’s previously announced estimate of flat to down 2%.