Sharper Image Corp. posted a 17% drop in web sales to $17.5 million in the third quarter ended Oct. 31, down from $21 million a year earlier. Total revenues fell 20% to $123.1 million from $153.6 million in 2004’s third quarter. Comparable store sales dropped 18%.
Combined catalog and web sales, including wholesale sales, in the quarter fell 35% year-over-year to $31.5 million from $48.8 million.
Sharper Image reported a Q3 net loss of $10.5 million, compared with a net loss of $3.7 million in last year’s third quarter.
The specialty retailer reported an 11% decrease in total Q3 store sales to $71 million from $80.1 million a year earlier. Sharper Image operates 189 stores, including 16 opened this year, and plans to open 3 more this year.
Richard Thalheimer, founder, CEO and chairman, said that while the third-quarter loss was disappointing, it was in line with the company’s guidance for the quarter. “In fiscal 2005, which we view as a transition year, the company remains focused on strengthening our distinctive product selection as well as controlling and decreasing levels of expenses in all parts of our business,” he said.
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