Internet sales at Sharper Image rise 11%
Internet sales at specialty multi-channel specialty retailer Sharper Image Corp. rose 22% year-over-year to $116.3 million for the fiscal year ended Jan. 31, as fourth-quarter web sales rose 11% to $48.6 million, the retailer said.
For the year, Internet sales rose to 15.3% of total revenue, up from 14.7% the prior year.
Total revenue for the year rose 17.4% to $760 million from $647.5 million the prior year. Comp store sales for the year declined 1%. The company opened 28 new stores during its fiscal year, with a net increase of 26 resulting in a total store count of 175 as of Jan. 31.
For fourth quarter, total revenue rose 8.1% to $301 million from $278.4 million in the year-ago period. Q4 comp store sales declined 6%.
Net earnings for the year fell 36.6% to $14.65 million from $23.12 million the prior year. The retailer said its earnings were impacted by weaker-than-expected consumer spending, some product introductions that proved less popular than anticipated, higher professional fees related to Sarbanes-Oxley financial reporting requirements, and congestion in West Coast ports that led to higher freight costs and a shortage of holiday season items.
Sharper Image also said it restated its prior-period financial results to correct errors in its accounting for leases and to correct certain errors in accounts within accounts payable. It said these restatements have no impact on cash, revenues, or comparable store sales.
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