Another dull sales report from Sharper Image

A new fiscal year is bringing no relief for struggling electronics retailer Sharper Image Corp. The company reported today its Internet sales were down 48% in March and 43% for the first two months of the fiscal year. Store and catalog sales were also down significantly.

Internet sales were $3.4 million in March, down from $6.6 million in March 2006. For February and March, online sales came in at $6.8 million, compared with $11.9 million during the same period a year ago.

Total sales for March were $22.1 million, down 45% from $40 million in March 2006. For the first two months of the fiscal year, the company’s sales totaled $44.2 million, a 38% drop from $70.9 million in the year-ago period.

Internet sales represented 15.4% of total sales in March 2007, compared with 16.5% in the same month a year ago. For the two-month period, web sales accounted for 15.4% of sales, down from 16.8% in the same months a year ago.

The company, which operates 187 stores in the United States, says store sales were $15.3 million for March, down 29% from $21.7 million the year before, and $29.7 million for the two months, down 27% from $40.5 million. Catalog and direct marketing sales were $3.4 million in March, off 71% from $11.8 million in March 2006, and $7.7 million for the two-month period, down 59% from $18.6 million in the same period a year ago.

Sharper Image, No. 87 in the Internet Retailer Top 500 Guide, did not report financial results.