Coldwater Creek sees gains in retail store sales, but continuing losses
Sandpoint retailer Coldwater Creek reported a fourth-quarter loss of $19.9 million, 66 cents a share, compared with a loss of $12 million, 42 cents a share, one year earlier.
Fourth-quarter retail revenue was $166 million, compared with $173.5 million in the same period last year.
For fiscal year 2012, Coldwater Creek reported a net loss of $81.8 million, or $2.69 per share, compared to a loss of $99.7 million, $3.98 per share, for 2011.
Fiscal year total revenue was $742.5 million, compared with $773 million in fiscal 2011. Net sales from the retail segment were $574.4 million, compared with $595.2 million the previous year.
The company’s efforts at restructuring its focus and operations will continue, said CEO and President Jill Dean.
“This was particularly apparent in our financial performance in the second half of the year as we achieved two consecutive quarters of comparable premium store sales growth. Overall for the year, we achieved a 1 percent increase in our comparable premium store sales and … ended the year with a clean inventory position and total inventory down 5 percent,” Dean said.
The company closed five premium retail stores during the fourth quarter, leaving 349 premium retail stores. Coldwater Creek closed 15 premium retail stores in all of 2012 and expects to close up to 15 more in fiscal 2013.