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Bombay direct-to-customer business grow up $13.4 mn

Mar '07
The Bombay Company Inc announced operating results for the fourteen and fifty-three week periods ended February 3, 2007 compared to the thirteen and fifty-two week periods ended January 28, 2006. Net sales for the quarter and year included the additional week; however comparable store sales calculations are based upon the comparable fourteen and fifty-three week periods.

Fourth Quarter Results:
Revenue for the fourteen weeks ended February 3, 2007 increased 0.7% to $188.2 million compared to $186.9 million for the thirteen week period ended January 28, 2006. Same store sales for Bombay stores operating for more than one year decreased 3.1% for the quarter.

Revenue from retail stores declined to $174.5 million from $177.7 million due to the decrease in same store sales and a lower store count. Bombay's direct-to-customer business, which includes Internet and Mail Order, grew to $13.4 million for the period compared to $8.8 million last year, driven primarily by the increase in Internet sales.

Gross margin for the quarter, defined as revenue less cost of goods sold including buying and occupancy costs, increased $2.9 million to $55.1 million or 29.3% of revenue compared to $52.2 million or 27.9% of revenue for the prior year's quarter. Product margins increased 60 basis points due to improved leverage on logistics costs.

Occupancy costs declined 60 basis points due to reduced rents and related expenses on a lower store base while buyingcosts declined 20 basis points due to cost reduction efforts during the year.

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