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Coldwater Q3 operating results in line with revised outlook

04 Dec '10
5 min read

First Nine Months Operating Results

• Net sales were $729.0 million, compared with $720.2 million in the first nine months of fiscal 2009. Net sales from the retail segment were $545.7 million, versus $561.4 million in the first nine months of fiscal 2009. Direct sales were $183.3 million, compared with $158.8 million in the same period last year.
• Gross profit for the first nine months of fiscal 2010 was $246.6 million, or 33.8 percent of net sales, compared with $244.0 million, or 33.9 percent of net sales, for the first nine months of fiscal 2009.
• Selling, general and administrative expenses for the first nine months of fiscal 2010 were $254.4 million, or 34.9 percent of net sales, compared with $273.7 million, or 38.0 percent of net sales, for the first nine months of fiscal 2009. The decline in SG&A was primarily related to lower employee-related expenses and other fixed and variable costs, partially offset by slightly higher marketing expenses.
• Net loss for the nine-month period was $7.1 million, or $0.08 per share, compared with a net loss of $46.5 million, or $0.51 per share, for the first nine months of fiscal 2009. Results in the first nine months of fiscal 2010 include approximately $0.9 million after tax, or $0.01 per share, of certain discrete tax benefits primarily related to the change in valuation allowance, partially offset by impairments of certain technology and store related assets. For the first nine months of fiscal 2009, net loss per share included approximately $0.33 per share in charges related to a valuation allowance against net deferred tax assets and separation agreement charges.

Balance Sheet

At October 30, 2010, cash totaled $51.7 million, as compared with $69.6 million in cash at October 31, 2009. Premium retail store inventory per square foot, including retail inventory in the distribution center, was approximately 8.0 percent lower than at the end of the fiscal 2009 third quarter. Total inventory increased 2.3 percent to $197.5 million from $193.0 million at the end of the third quarter of 2009. Working capital increased by $15.8 million to $105.7 million from $89.9 million at October 31, 2009.

Store Openings

The Company opened 8 new premium retail stores during the three-month period ended October 30, 2010, ending the quarter with 372 premium retail stores. As of December 2, 2010, we completed our 2010 store expansion plan with 19 new premium retail stores opened since the beginning of the fiscal year.

Coldwater Creek Inc

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