DTC Sales Climb for Coldwater
Creek, Restoration Hardware
wxysr 2005/11/30
Direct-to-consumer sales rose for two multichannel merchants reporting
third-quarter results yesterday while a third saw a dip.
Coldwater Creek said net sales for the three months ended Oct. 29 totaled
$190.1 million, a 26 percent gain over last year. The Sandpoint, ID, multichannel
marketer of women's apparel also reported a 37 percent increase in net income
to $12.4 million, or 20 cents per diluted share.
Catalog net sales decreased 11 percent to $27.9 million. Catalog net sales
represented 37.3 percent of the direct segment's net sales in the fiscal
2005 third quarter, compared with 44.6 percent last year. They represented
14.7 percent of the company's total net sales in the quarter, compared with
20.8 percent last year.
However, Coldwater Creek reported that Internet sales rose 21 percent
to $47 million and represented 62.7 percent of the direct segment's sales
in the quarter. Last year, Internet sales represented 55.4 percent of direct
segment sales. Internet sales represented 24.7 of the company's total sales
in the third quarter of this year compared with 25.9 percent last year.
On the whole, the direct segment's net sales increased 7 percent to $74.9
million and represented 39.4 percent of total net sales compared with 46.8
percent last year.
On the retail side, net sales increased 44 percent to $115.2 million.
Retail sales represented 60.6 percent of the company's total net sales in
the third quarter compared with 53.2 percent last year.
For the nine months ended Oct. 29, Coldwater Creek generated a 30 percent
increase in net sales, totaling $500.3 million. Net income rose 57 percent
to $27.9 million, or 44 cents per diluted share.
Catalog net sales decreased 10 percent year to date and represented 38.5
percent of the direct segment's net sales and 15.9 percent of total net
sales.
Internet sales climbed 27 percent in the first nine months to $126.8 million,
representing 61.5 percent of the direct segment's net sales and 25.4 percent
of total net sales.
The direct segment's net sales increased 10 percent to $206.2 million,
or 41.2 percent of the company's total net sales.
"The increase in direct segment net sales was due to the continued growth
of our Internet channel," Coldwater Creek chairman/CEO Dennis Pence said
in a statement. "Our e-mail database now includes almost 2.6 million active
addresses, which provides us with increased opportunity to market to these
customers in a targeted and affordable manner. In addition, our e-mail campaigns
and catalog mailings now provide a compelling way to drive retail store
traffic."
Year-to-date retail sales rose 49 percent to $294.2 million, 58.8 percent
of total net sales.
Sharper Image Corp. also reported declining catalog sales yesterday but
also a drop in Internet sales and overall sales.
The San Francisco-based multichannel marketer of high-tech gadgets said
that company revenue for the third quarter ended Oct. 31 totaled $123.1
million, down 20 percent. Comparable-store sales decreased 18 percent in
the period. Also, catalog, direct marketing sales fell 35 percent to $31.5
million and Internet sales declined 17 percent to $17.5 million.
The company also reported a net loss in the quarter of $10.5 million,
or 70 cents per share, compared with a net loss of $3.7 million or 24 cents
per share in last year's third quarter.
Year to date, Sharper Image's company revenue totaled $405.3 million,
a 12 percent decrease. Comparable-store sales dropped 15 percent. Also,
catalog, direct marketing sales dropped 26 percent to $98.7 million and
Internet sales decreased 13 percent to $59 million.
The news was somewhat better at Restoration Hardware, which posted a 9
percent gain in net revenue for the third quarter ended Oct. 29, totaling
$128.4 million. Other good news included the company's direct-to-consumer
net revenue, which increased 27 percent on top of a 78 percent gain last
year for a total of $36.1 million this year.
Comparable-store sales, however, decreased 2.1 percent, and the company's
net loss grew to $4.2 million, or 11 cents per share, compared with a net
loss of $3.1 million or 9 cents per share in the third quarter of last year.
For the nine months ended Oct. 29, Restoration Hardware's net revenue
totaled $390.6 million, a 16 percent gain. Comparable-store sales rose 2.7
percent and DTC sales increased 42 percent to $111.8 million.
The company's year-to-date net loss was $9.8 million, or 28 cents per
share, compared with a loss of $8.9 million or 27 cents per share last year.
Chantal Todé covers catalog and retail news and BTB marketing for DM News
and DM News.com. To keep up with the latest developments in these areas,
subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
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