Sharper Image reports sharper losses in Q2
Sharper Image Corp., which a month ago reported second-quarter and first-half sales, today reported operating results: a net loss for the second quarter of $20.6 million, 41% worse than its net loss of $14.6 million in the prior year`s second quarter. Revenue in the quarter was $80.3 million, revised from its preliminary report of $77.6 million, down 25% from $107.2 million in the previous year.
For the first six months, the company suffered a net loss of $37.4 million, 37% greater than the net loss of $27.3 million in the prior year`s six-month period. First-half revenue slipped 31% to $147.9 million from $214 million a year earlier. Sharper Image is No. 122 in the Internet Retailer Top 500 Guide.
The company also announced it will close its Richmond, VA, distribution center as part of its strategic plan to streamline functions and increase efficiency across its operations. The Richmond distribution center, which handles order processing, fulfillment, and customer service, will phase out over the next several months. Its workload will move to Sharper Image’s two other distribution centers in Little Rock, AR, and Ontario, CA.
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