Q2 e-commerce sales hit $54.8 million at Coldwater Creek
E-commerce sales for Coldwater Creek Inc. rose by 9.8% in the second quarter and 14.2% for the first six months of the year.
Coldwater Creek, No. 46 in the Internet Retailer Top 500 Guide, posted Q2 e-commerce sales of $54.8 million from $49.9 million in the prior year. For January through June, web sales totaled $120.6 million vs. $105.4 million for the first six months of 2006.
Web sales are growing, but continue to shrink as a percentage of total sales as Coldwater Creek opens and operates more stores. Web sales accounted for 22% of all sales in Q2, compared with 23% in Q2 2006. In Q2 Coldwater Creek reported net income of $8.7 million on revenue of $253.4 million and net income of $20.7 million on sales of $534.7 million for June through July.
Comparable stores sales in the second quarter dropped by 6% vs. an increase of 13.3% in Q2 of 2006. Q2 catalog sales declined to $51.7 million from $53.9 million in the prior year. "While we are disappointed with our second quarter earnings, revenue was in line with our expectations,” says Coldwater Creek CEO Dennis Pence. “We were prepared for the possibility of continued low-traffic trends and the challenges of a highly promotional environment in the specialty apparel retail sector.
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