Internet sales at Coldwater Creek Inc. increased 18% in the first quarter to $41.1 million from $34.9 million in the fiscal 2004 first quarter, the company reported today. Internet sales represented 26.4% of the company's total sales in the first quarter, compared with 28.1% in 2004’s first quarter.
Companywide sales reached $155.6 million in Q1, up 25% from $124.5 million in Q1 a year ago.
Retail stores, resort stores and outlet stores sales increased 48% in Q1 to $83.8 million from $56.5 million a year earlier .They represented 53.8% of the company's total in Q1, compared with 45.4% a year ago.
Catalog sales decreased 7% to $30.8 million from $33 million and represented 19.8% of the company's total sales compared with 26.5% a year ago.
"We continue to leverage the dual role of catalogs as both a sales vehicle and our principal means of print advertising to shift customers to our retail store and Internet channels, while promoting the brand in an effective and affordable manner," said Dennis Pence, chairman and CEO. "We believe our depth of experience in triple-channel retailing will provide further opportunities to explore and develop these synergies as we continue to grow the company."
Net income for quarter increased $3.2 million, or 60%, to $8.5 million from $5.3 million a year earlier. "Our very positive performance in the first quarter was primarily driven by strong full-price selling in all three channels, which contributed to higher net sales and improved earnings," Pence said.
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