Spring brought little relief to the struggling Idaho retailer Coldwater Creek, which reported another drop in sales for the quarter ending May 4.
The Sandpoint-based women's clothing and accessories company told investors Thursday that it lost about $19.4 million during the quarter, compared with losing $23.8 million the same time last year.
Store closures and "unseasonable weather throughout the quarter" were to blame, according to a press release from the company, quoting Jill Dean, president and CEO.
Same-store retail sales fell 10.5 percent. As the stores closed, the overall inventory value dropped, but the company fit about 6.7 percent more inventory into each square foot of retail and warehouse space.
Dean touted the company's cost-cutting efforts, which lowered both the dollar amount and the share of net sales that Coldwater Creek spent on selling, general expenses and administration.
Coldwater Creek does not expect higher same-store sales this quarter and expects adjusted net losses of 55 to 75 cents per share this quarter, it said.
The raw numbers:
- Net sales: $155.7 million, a year-over-year decline of $14.2 million
- Selling, general and administrative expenses: $68.4 million, or 43.9 percent of net sales, down from $77.5 million the same time last year
- Unadjusted loss per share: 63 cents, up from 78 cents year-over-year
- Total inventory: $126.5 million, down by 0.9 percent year-over-year
- Retail stores: 347 (closed two during the quarter)
- Factory stores: 37 (closed one during the quarter)
- Spas: 8
- Number of retail stores left to close in fiscal 2013: 11