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Thursday, June 4, 2020  Spokane, Washington  Est. May 19, 1883
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News >  Business

In brief: Coldwater Creek reports loss for quarter, beats expectations

Sandpoint-based Coldwater Creek Inc. reported a first-quarter loss of $7.6 million, or 8 cents a share, compared with a net loss of $9.2 million, or 10 cents a share, a year earlier.

The loss was the women’s clothing retailer’s sixth loss in the past seven quarters.

But the company beat analysts’ expectations, and shares of Coldwater Creek rose in trading Wednesday. Shares rose 4.6 percent to $4.13 in after-hours trading.

Analysts estimated a loss of 14 cents a share on revenue of $235 million, according to a poll by Thomson Reuters.

Revenue dropped 16 percent to $228.4 million as same-store sales slumped almost 20 percent from the same quarter of 2008.

Retail sales slid 8.6 percent while direct sales on the phone or on the Web fell 32 percent, according to the company’s quarterly filing.

Troy, Mont.

As prices rise, mine company lets warning of shutdown expire

With metals prices improving, management at Troy Mine has allowed warnings of a possible shutdown to expire.

“As a company, we’re slowly getting our ducks into a row,” said John Shanahan, president and CEO of Spokane-based Revett Minerals, which owns Troy Mine. “Things are very much improved.”

Last winter, company officials informed 185 workers at the silver and copper mine in northwestern Montana that it could close by mid-February because of low metals prices, rising costs and debt.

But miners took a 10 percent pay cut, management took a 20 percent cut and Revett cut spending at Troy, restructured debt and increased ore production.

In early March, Shanahan said the mine would remain open on a month-to-month basis. In April, he said “it’s really more like quarter by quarter.”

The original 60-day notice of possible closure was allowed to expire May 14. “We’re planning operations out to the end of the year now,” Shanahan said. “Frankly, we’re planning out into next year.”

Pullman

Soft white wheat price approaches $6 a bushel

The price for soft white wheat is nearly $6 a bushel at Portland after months in the $4 to $5 range.

Pacific Northwest Farmers Co-op CEO Sam White told the Moscow-Pullman Daily News that many Palouse growers have already sold most of their recent harvest and only 10 percent to 15 percent of the crop remains.

Many growers had held off selling throughout the winter in the hope the per-bushel price would rise and offset increased production costs for fuel and fertilizer. Most growers finally reached a point where they felt they needed to sell, White said.

Staff and wire reports

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