Coldwater Creek’s web sales slip as total sales grow

Web-based sales at women’s apparel retailer Coldwater Creek Inc. declined 4.4% last year to $148.3 million from $155.1 million a year earlier, the company reported today. The web site accounted for 28.6% of net companywide sales last year vs. 30.9% the year before. Total sales in fiscal 2003, which ended Jan. 31, increased 3.5% to $518.8 million from $501.5 million in fiscal 2002. Net income for the year increased 58.6% to $12.5 million from $7.9 million a year earlier.

For the year, catalog net sales decreased 17.1% to $175.9 million from $212.1 million a year earlier. The combined decline in catalog and web sales totaled 21% on a reduction in catalog circulation of 24%, the company reported. The reduction in catalog mailings resulted in a decrease in selling, general and administrative expenses compared with the prior year, the company said.

Fourth quarter e-commerce net sales decreased 3.4% to $49.7 million from $51.4 million in Q4 2002. The web site represented 29.4% of the company`s total net sales in Q4 compared with 29.5% in Q4 2002. Q4 net income increased $2.6 million, or 69.9%, to $6.4 million, compared with net income of $3.8 million in Q4 2002.