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Coldwater’s Net sales soar
Coldwater Creek’s web sales grew 139% in Q1 while total revenue grew 16.9%. Catalog revenue was off 10.8%.
Coldwater Creek Inc.’s Internet sales for the first quarter of its fiscal year 2001 were up 139% to $34.9 million from $14.6 million in the first quarter of last year, the company has reported. Internet sales represented 30.9% of the company`s total sales in the first quarter, double the 15.1% in the first quarter of 2000.
Companywide sales grew 16.9% in the quarter to $112.9 million from $96.5 million a year ago. Sales in Coldwater Creek’s 11 stores grew 121.1% to $8.4 million for the fiscal 2001 first quarter from $3.8 million in the fiscal 2000 first quarter. Catalog sales totaled $69.6 million, down 10.8% from $78.1 million in Q1 last year.
"While we were pleased with overall sales in the first quarter, the catalog channel did not perform as planned, which significantly impacted selling, general and administrative expenses and profitability," said Georgia Shonk-Simmons, president and CEO of Coldwater Creek. "At the same time, strong performance in our Internet and retail channels during the first quarter generated higher net sales and an increase in our full-priced business, which favorably impacted gross margin compared with the prior-year period." Shonk-Simmons noted that Coldwater Creek has reduced its catalog mailings for the year, as previously announced.
Net income was $1.4 million compared with $3.6 million a year earlier. Gross margin increased to 43.9% during the fiscal 2001 first quarter, compared with 43.5% a year earlier.