Coldwater Creek’s web sales grow 35% in first quarter
First quarter Internet sales at apparel retailer Coldwater Creek Inc. increased 35.3% over Q1 last year to $55.5 million from $41.1 million, the company reports. Online sales represented 25.8% of the company`s total net sales in FY Q1 compared with 26.4% a year earlier.
Companywide sales at Coldwater Creek, No. 53 in the Internet Retailer Top 500 Guide to Retail Web Sites in the fiscal 2006 first quarter increased 38.3% to $215.3 million from $155.6 million a year earlier.
Net sales from the retail segment increased 53.5% to $128.6 million in Q1 from $83.8 million a year earlier, representing 59.7% of total net sales compared with 53.8% in FY Q1 2005. The company opened nine premium retail stores during the first quarter, bringing its count of premium stores (which do not include resort and outlet stores) to 183, compared with 119 a year earlier. Thus store count grew 54%, almost identical to store sales growth.
Catalog net sales increased 1.1% to $31.1 million from $30.8 million a year earlier. Catalog sales represented 14.5% of the company`s total net sales vs. 19.8% a year earlier.
Net income for the quarter increased 36.3% to $11.6 million from $8.5 million a year earlier.
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