May 29, 2003, 12:00 AM

Coldwater Creek’s Q1 web sales go flat

Coldwater Creek’s e-commerce sales in the first quarter totaled $35.9 million, down 0.5% from $36.1 million a year earlier. Web-based sales represented 31.2% of total sales.

Web-based sales at Coldwater Creek Inc. were virtually flat in the first quarter vs. last year’s first quarter, while companywide sales were up 8.5% for the quarter, the company reported today. E-commerce sales totaled $35.9 million, down 0.5% from $36.1 million a year earlier. Web-based sales represented 31.2% of total sales in the first quarter, compared with 34% in 2002’s first quarter. Total sales reached $115 million from $106 million.

Catalog sales in the quarter increased 0.2% to $46 million in the quarter from $45.9 million in Q1 2002. Sales in retail stores, including outlet stores, increased 37.3% to $33.3 million in the quarter from $24.3 million in Q1 a year earlier. While it didn’t break out comparable store sales, Coldwater Creek reports it added 14 full-line stores in the past year, reaching 44 stores in Q1 this year. It plans to open 23 more this year.

Net income for the quarter increased $500,000 to $1.9 million.

Coldwater Creek also reported that it is reclassifying Internet and catalog sales generated in the stores as retail store sales rather than Internet or catalog sales to better reflect how the company manages its divisions. It re-stated previous year figures to reflect the new accounting.

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