Coldwater Creek’s web sales slip

Web-based sales at Coldwater Creek Inc. slipped 0.7% in the third quarter to $39.1 million from $39.4 million in Q3 2002, the company reports. Total sales reached $138.1 million, up 7.2% from $128.8 million a year ago. Web sales accounted for 28.3% of sales in the quarter, down from 20.6% in Q3 2002.

For the first nine months, web-based sales decreased 4.8% to $98.6 million from $103.6 million in the first nine months of 2002. Total sales in the nine months reached $350 million, up 6.9% from $327.2 million a year earlier. Web sales in the nine months represented 28.2% of all sales vs. 31.7% a year ago.

For both the third quarter and the nine moths, catalog sales declined significantly. Catalog sales fell 14.3% in the quarter to $44.7 million and 8% in the nine months to $123.1 million.

Sales at Coldwater Creek’s full-line retail stores, resort stores and outlet stores, increased 45.9% to $54.3 million in Q3 and represented 39.3% of total vs. 28.9% in Q3 2002. Store sales for the first nine months increased 43% to $128.2 million and represented 36.6% of total sales.

Net income for the quarter rose 16% to $5.6 million, while for the nine months, it increased 48.2% to $2 million.

The company operated 63 full-line retail stores at the end of the third quarter, compared with 38 at the end of Q3 2002