Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
With Coldwater Creek’s focus on becoming a store-based retailer, third-quarter Internet sales were flat compared to a year ago. Total company sales increased 9% in the quarter. The web accounted for 26% of all sales in the quarter vs. 28% a year ago.
With Coldwater Creek Inc.’s focus on becoming a store-based retailer, its third-quarter Internet sales were flat compared to a year ago at $39 million, the company reported today. Total company sales increased 9% to $150.5 million in the quarter from $138 million a year ago. The web accounted for 26% of all sales in the quarter vs. 28% a year ago.
Catalog sales decreased 29.9% to $31.4 million in the third quarter from $44.7 million in the fiscal 2003 third quarter.
"In keeping with our strategic shift toward a retail store-based business model, we reduced catalog circulation in the third quarter," said Dennis Pence, chairman and CEO. "Meanwhile, our Internet net sales remained virtually unchanged during the period, due to effective e-mail promotions."
Net income for the quarter increased $3.8 million, or 68.1%, to $9.4 million from $5.6 million a year ago.
Net sales in the first nine months of 2004 increased 10.3% to $386.2 million from $350 million in the first nine months of 2003.
Internet net sales increased 1.3% in the first nine months to $99.9 million from $98.6 million a year ago. Internet sales represented 26% of the company`s total sales in the first nine months compared with 28% a year earlier.
Catalog sales decreased 28% to $88.4 million in the first nine months of fiscal 2004 from $123.1 million in the same period last year.
Net income for the nine months tripled to $18.3 million from $6.1 million a year earlier.
Coldwater Creek opened 18 full-line retail stores during the third quarter, bringing its total to 107 full-line retail stores vs. 63 a year ago.