Sandpoint clothing retailer Coldwater Creek lowered its earlier estimate of losing 13 to 21 cents per share for the fourth quarter. It now expects losses in the 18 to 24 cents per share range.
During fourth quarter of 2010 the company saw a loss of 40 cents per share.
In an an update to its fourth-quarter guidance, Coldwater CEO Dennis Pence said the women’s apparel retailer saw softer than expected sales in late December including post-Christmas sales.
The company’s fiscal year and quarter ends Jan. 28. It reports year-end results on March 7.
Pence said sales at the Creek's premium stores during the last nine months of 2011 were 26 percent lower than the same period a year before.
But citing what he sees as a turnaround, Pence noted the fourth quarter’s 9 percent comparable decline in sales is a step in the right direction and reflects better management of inventory and expenses. The company said it expects to reduce expenses for the fiscal year by $20 million to $25 million.