Coldwater weathers tough first quarter

Coldwater Creek Inc. today announced lower sales and a loss for the first quarter, results the Sandpoint company had forecast last month.

Net sales fell to $179.8 million, compared with $243.1 million a year ago. Comparable premium store sales fell 27.5 percent, Internet, mail order and other direct sales tumbled 33.6 percent.

The net loss was $30 million, or 32 cents per share, compared with net income of $2.3 million, or three cents per share, for the 2010 quarter.

The company closed two of its 373 stores during the quarter. Plans call for five new stores, and the closure of eight to 12 more by the end of the year.