Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Second quarter web sales at women’s apparel and accessories retailer Coldwater Creek decreased 2.3% to $27.9 million while companywide sales remained virtually flat.
Second quarter web sales at women’s apparel and accessories retailer Coldwater Creek Inc. decreased 2.3% to $27.9 million while companywide sales remained virtually flat at $92.8 million, Coldwater Creek reports. Web sales in Q2 represented 30.1% of all sales vs. 30.8% in last year’s second quarter.
For the first half web sales grew 4.9%over last year’s first half to $66.4 million vs. $63.3 million. Web sales accounted for 32.4% of companywide first half sales vs. 30.8% in last year’s first half. Total first half sales decreased 0.4% to $204.8 million.
In spite of the second-quarter decrease in web sales, the web is still displacing catalog sales at Coldwater Creek. As a proportion of direct revenue--catalog, web site and outlet stores--the web accounted for 40.7% of sales in Q2 up from 35.5% a year earlier. Ditto for first half, rising to 42.3% from 34.3% a year earlier.
In Q2, the company lost $700,000 vs. income of $1.3 million in Q2 a year ago. In the first half, the company earned $2.1 million vs. $2.7 million a year ago.
The Q2 fall in sales was the result of a later mailing of catalogs, the company said. "Although this had a negative impact on the results for the second quarter, we believe our decision to present fall merchandise closer to the time our customers are actually shopping for these items represents a sound strategic direction," said Georgia Shonk-Simmons, president and chief executive officer.