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Design Within Reach Inc declares Q2 preliminary results

Aug '05
Badovinus continued, "After much internal analysis and in-depth strategic discussions with their board, they have pre-emptively determined that it is their top priority, and in their long-term best interest, to focus on stabilizing and improving gross margins and protecting the valuable Design Within Reach brand.They have already implemented a number of margin initiatives, including reducing the number of promotional events, further developing alternative product sourcing, growing their proprietary product development effort, and employing additional shipping options. They are confident that this is the most prudent approach to maximizing profitability and effectively managing the business going forward."

Net sales by distribution channel were as follows:

In-person sales (including Studio sales, sales through the Company's direct sales force and sales from the Design Within Reach warehouse) were $23.9 million in the second quarter of 2005, a 91 percent increase from the same period last year. In attention, the Company opened 25 net new studios since the end of the same period last year.

During the quarter, Design Within Reach opened Studios in the following nine markets: Austin, Texas; Burlingame, California; Las Vegas, Nevada; Cleveland and Columbus, Ohio; Greenwich, Connecticut; Adams Morgan, D.C.; Roslyn, New York; and Tribeca in New York City and ended the second quarter of 2005 with 51 studios.

Direct sales (including phone sales and sales through the Design Within Reach website) were $13.5 million in the second quarter of 2005; a 6 percent increase over the same period last year. Gains in the direct sales channel have slowed as the Company continues to open Studios and enable customers to experience Design With Reach products in person.

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