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Coldwater Creek announces Q2 results
25 Aug '05
4 min read
Leading women's apparel, accessory, shoe & gift retailer Coldwater Creek Inc reported financial results for the three and six-month periods ended July 30, 2005.
Net income for the three-month period ended July 30, 2005, increased $3.6 million, or 109 percent, to $7.0 million, or $0.11 per diluted share, compared with net income of $3.3 million, or $0.06 per diluted share, for the three-month period ended July 31, 2004. Net sales in the fiscal 2005 second quarter increased 39 percent to $154.6 million from $111.2 million in the fiscal 2004 second quarter.
Net income for the six-month period ended July 30, 2005, increased $6.8 million, or 79 percent, to $15.5 million, or $0.25 per diluted share, compared with net income of $8.7 million, or $0.15 per diluted share, for the six-month period ended July 31, 2004. Net sales in the first six months of fiscal 2005 increased 32 percent to $310.2 million from $235.7 million in the same period a year ago.
Gross profit for the fiscal 2005 second quarter was $67.7 million, or 43.8 percent of net sales, compared with $46.8 million, or 42.1 percent of net sales, for the fiscal 2004 second quarter. The increase in the gross profit rate was primarily due to improved merchandise margins on sales in all channels and, to a lesser extent, improved leveraging of the company's full-line retail store occupancy costs.
Selling, general and administrative expenses for the fiscal 2005 second quarter were $57.0 million, or 36.9 percent of net sales, compared with $41.5 million, or 37.3 percent of net sales, for the fiscal 2004 second quarter. The decrease in the selling, general and administrative expenses expressed as a percentage of net sales was primarily due to positive customer response to the company's marketing initiatives. This improvement was partially offset by increased personnel costs associated with the company's retail expansion.
Net income for the three-month period ended July 30, 2005, increased $3.6 million, or 109 percent, to $7.0 million, or $0.11 per diluted share, compared with net income of $3.3 million, or $0.06 per diluted share, for the three-month period ended July 31, 2004. Net sales in the fiscal 2005 second quarter increased 39 percent to $154.6 million from $111.2 million in the fiscal 2004 second quarter.
Net income for the six-month period ended July 30, 2005, increased $6.8 million, or 79 percent, to $15.5 million, or $0.25 per diluted share, compared with net income of $8.7 million, or $0.15 per diluted share, for the six-month period ended July 31, 2004. Net sales in the first six months of fiscal 2005 increased 32 percent to $310.2 million from $235.7 million in the same period a year ago.
Gross profit for the fiscal 2005 second quarter was $67.7 million, or 43.8 percent of net sales, compared with $46.8 million, or 42.1 percent of net sales, for the fiscal 2004 second quarter. The increase in the gross profit rate was primarily due to improved merchandise margins on sales in all channels and, to a lesser extent, improved leveraging of the company's full-line retail store occupancy costs.
Selling, general and administrative expenses for the fiscal 2005 second quarter were $57.0 million, or 36.9 percent of net sales, compared with $41.5 million, or 37.3 percent of net sales, for the fiscal 2004 second quarter. The decrease in the selling, general and administrative expenses expressed as a percentage of net sales was primarily due to positive customer response to the company's marketing initiatives. This improvement was partially offset by increased personnel costs associated with the company's retail expansion.
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