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Coldwater Chief very disappointed with Q3 performance
19 Oct '10
2 min read
Coldwater Creek announced updated earnings expectations for the third quarter of fiscal 2010.
For the three-month period ending October 30, 2010, the Company currently expects:
• Net sales in the range of $225 million to $230 million, reflecting a decline in comparable premium retail store sales of approximately 18% - 21% as compared to the third quarter of last year. This compares to the Company's previous guidance for third quarter net sales to increase in the low single digit range, which assumed essentially flat comparable premium retail store sales;
• Loss per share of $0.14 - $0.19 compared to the Company's previous guidance for third quarter earnings per share in the range of $0.01 to $0.04; and
• Total inventory at quarter end is expected to increase in the mid-single digit range as compared to inventory at the end of the third quarter last year. Premium retail inventory per square foot is expected to be down in the mid- to high-single digit range, as compared to premium retail inventory per square foot at the end of the third quarter last year.
The Company plans to report third quarter results on December 1, 2010.
Dennis Pence, Chairman and Chief Executive Officer of Coldwater Creek commented, "We are clearly very disappointed with our performance this quarter. Our fall merchandise assortment is meeting with limited success, as we did not offer products that resonated with our customers, particularly in important categories such as jackets, pants and woven shirts. In response, we have made changes to key positions in both merchandising and product design to better support our strategic product direction going forward.
“In addition, we have increased our promotional activity to enable us to end the quarter with inventory that is well positioned for the holiday season. As we look ahead, we will continue to evaluate the factors that contributed to our shortfall this quarter to determine if additional adjustments need to be made. We are committed to improving our performance and are working diligently to take the necessary steps to best position Coldwater Creek for both the short and long term."
Founded in 1984, and headquartered in Sandpoint, Idaho, Coldwater Creek is a leading specialty retailer of women's apparel, gifts, jewelry, and accessories. The company sells its merchandise through premium retail stores across the country, online at coldwatercreek.com and through its catalogs.
For the three-month period ending October 30, 2010, the Company currently expects:
• Net sales in the range of $225 million to $230 million, reflecting a decline in comparable premium retail store sales of approximately 18% - 21% as compared to the third quarter of last year. This compares to the Company's previous guidance for third quarter net sales to increase in the low single digit range, which assumed essentially flat comparable premium retail store sales;
• Loss per share of $0.14 - $0.19 compared to the Company's previous guidance for third quarter earnings per share in the range of $0.01 to $0.04; and
• Total inventory at quarter end is expected to increase in the mid-single digit range as compared to inventory at the end of the third quarter last year. Premium retail inventory per square foot is expected to be down in the mid- to high-single digit range, as compared to premium retail inventory per square foot at the end of the third quarter last year.
The Company plans to report third quarter results on December 1, 2010.
Dennis Pence, Chairman and Chief Executive Officer of Coldwater Creek commented, "We are clearly very disappointed with our performance this quarter. Our fall merchandise assortment is meeting with limited success, as we did not offer products that resonated with our customers, particularly in important categories such as jackets, pants and woven shirts. In response, we have made changes to key positions in both merchandising and product design to better support our strategic product direction going forward.
“In addition, we have increased our promotional activity to enable us to end the quarter with inventory that is well positioned for the holiday season. As we look ahead, we will continue to evaluate the factors that contributed to our shortfall this quarter to determine if additional adjustments need to be made. We are committed to improving our performance and are working diligently to take the necessary steps to best position Coldwater Creek for both the short and long term."
Founded in 1984, and headquartered in Sandpoint, Idaho, Coldwater Creek is a leading specialty retailer of women's apparel, gifts, jewelry, and accessories. The company sells its merchandise through premium retail stores across the country, online at coldwatercreek.com and through its catalogs.
Coldwater Creek Inc
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