Sandpoint, ID—Coldwater Creek Inc. reported a widened fourth quarter loss on Wednesday due to a leadership transition, lower sales and weaker margins. However, excluding costs to a chief executive transition and other one-time impacts, the company’s per-share loss was less than analysts expected.
For the quarter ended Feb. 2, adjusted net loss was $19.8 million, or 65 cents a share from $22.3 million, or cents a share in the prior year quarter. That wound up being less than the 79 cents a share loss analysts had expected.
Net sales fell to $220.77 million from $224.35 million in the comparable quarter last year, while analysts’ consensus expected revenue of $218.76 million. Comparable stores sales were up 2.7%.
For fiscal year 2012, Coldwater Creek reported a net loss of $81.8 million, or $2.69 a share, compared to a loss of $99.7 million, or $3.98 a share, the year before.
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.
‘Product Offering is Resonating with Our Customers’
According to Jill Dean, president/ceo, Coldwater Creek will continue to focus on its restructure and operational improvement.
“Importantly, our product offering is resonating with our customers. In addition, we have created a compelling loyalty program, improved our inventory management, built talent within our organization and continued to execute on our store optimization program,” Dean said. “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%increase in our comparable premium store sales and …. ended the year with a clean inventory position and total inventory down 5%.”
The company closed five premium retail stores during the fourth quarter, leaving 349 premium retail stores. Coldwater Creek closed 15 premium retail stores in 2012 and expects to close up to 15 more in fiscal 2013.
Looking forward, the company forecast a first quarter net loss in the range of 60 to 80 cents a share. Analysts’ currently expect a loss of 71 cents a share in the first quarter.
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