Coldwater Creek’s web sales grow 30% in second quarter
Online sales at multi-channel apparel retailer Coldwater Creek Inc. rose 30.1% to $49.9 million in the second quarter ended July 29 from $38.3 million in the year-earlier period, the company reports.
Internet net sales represented 23% of the company’s total net sales for the quarter. That compares with 25% in 2005’s second quarter. Online net sales accounted for 68.7% of Q2 direct sales, compared with 65.2% a year earlier.
Companywide sales at Coldwater Creek, No. 53 in the Internet Retailer Top 500 Guide to Retail Web Sites, rose 41.2% to $216.4 million in the second quarter from $153.3 million in Q2 2005. The company opened 13 premium retail stores during the quarter for a total of 196 stores. That compares with 136 premium retail stores a year earlier.
Catalog net sales increased 10.8% to 22.7 million in the second quarter from $20.5 million a year earlier. Catalog sales represented 10.5% of the company’s total net sales for the quarter versus 13.4% a year earlier.
Net income for the quarter soared 93.7% to $12 million from $6.2 million a year earlier.
“The combined strength of our triple-channel business strategy resulted in net income growth of nearly 94%, as well as higher net sales and a solid, double-digit increase in same-store sales for the second quarter,” says Dennis Pence, chairman and CEO. “Although the majority of our growth continues to come from retail stores—which currently represent approximately two-thirds of our total business—Internet and catalogs also delivered higher second-quarter sales compared to a year ago.”
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