Bombay Company post net loss of $8mn for quarter ended April 30, 2005
20 May '05
4 min read
US based retailer The Bombay Company Inc reported the revenue for the quarter ended April 30, 2005 was $122.1 million compared to $123.6 million for the corresponding period of the prior year.
Same store sales for stores open more than one year declined 5% for the thirteen-week period. Revenue from non-store activity, including Bailey Street Trading Company, Internet, Mail Order and International amounted to 7% of total revenue for the quarter compared to 10% for the first quarter of the prior year primarily due to softness in Internet and mail order. The net loss for the quarter ended April 30, 2005 was $8.0 million or $0.22 per share compared to a loss of $5.7 million or $0.16 per share for the same period last year.
James D. Carreker, Chairman and Chief Executive Officer, stated, "Although we were pleased with our April sales results, they were not sufficient to offset the poor sales of February and March. Less sales leverage and unusual expenses, such as professional fees, during the first quarter combined to generate disappointing earnings. Although the additional Sunday related to the Easter shift contributed approximately half of our comparable store sales improvement for April, we were encouraged by the trends in traffic, conversion and average unit retails for the month. We expect to continue the pace set in April through our second quarter. The improved quality and freshness of our inventory and our increased marketing investments should continue to drive sales and earnings. Additionally, we are well positioned for the coming quarters with improvements in merchandise flow, assortments and store presentations. We are maintaining our earnings guidance for the year."
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