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Coldwater Creek reports 3.4% fall in FY'13 retail sales

14 Mar '13
5 min read

Adjusted net loss, which excludes the gain on the derivative liability and the CEO transition expense for fourth quarter 2012, was $19.8 million, or $0.65 per share. This compares to adjusted net loss of $22.3 million, or $0.73 per share, excluding the cumulative one-time adjustment related to gift card breakage income and the non-cash store impairment charge for fourth quarter 2011.

Full Year Fiscal 2012 Operating Results

Consolidated net sales for fiscal 2012 were $742.5 million, compared with $773.0 million in fiscal 2011. Net sales from the retail segment were $574.4 million, compared with $595.2 million last fiscal year. Comparable premium retail store sales increased 0.8 percent. Net sales from the direct segment were $168.0 million, compared with $177.8 million last fiscal year.

Consolidated gross profit increased $3.8 million to $233.1 million, or 31.4 percent of net sales, compared with $229.3 million, or 29.7 percent of net sales, for fiscal 2011. The 170 basis point increase in gross profit margin was primarily due to increased leverage of buying and occupancy costs and higher merchandise margins reflecting improved product performance. Last year's gross margin included a 110 basis point benefit in the fourth quarter of fiscal 2011 from the cumulative one-time adjustment for gift card breakage income.

Selling, general and administrative expenses (SG&A) were $301.8 million, or 40.6 percent of net sales, compared with $319.8 million, or 41.4 percent of net sales, for fiscal 2011. The $18.0 million decline in SG&A was due primarily to lower marketing expense compared to last fiscal year.

Adjusted net loss for fiscal 2012, which excludes the loss on the derivative liability and the CEO transition expense, was $77.2 million, or $2.53 per share, on 30.5 million weighted average shares outstanding. This compares to adjusted net loss of $106.2 million, or $4.24 per share, on 25.1 million weighted average shares outstanding for fiscal 2011 which excludes the cumulative one-time adjustment related to gift card breakage income for fiscal 2011 and the non-cash store impairment charge.

Coldwater Creek Inc

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