The U.S. online shopping world's biggest day is here, but will strong web sales on Black Friday and Thanksgiving cut into Cyber Monday's take?
Internet sales at Coldwater Creek rose 21% for the third quarter ended Oct. 29 to $47 million from $39 million in the year-ago quarter, the retailer said today. Web sales accounted for 24.7% of total Q3 net sales, down from 25.9% a year ago.
Internet sales at Coldwater Creek rose 21% for the third quarter ended Oct. 29, to $47 million from $39 million in the year-ago quarter, the retailer said today. Web sales accounted for 62.7% of combined Internet and catalog sales, up from 55.4% a year ago, but declined to 24.7% from 25.9% as a share of total net sales.
Total Q3 net sales increased 26% to $190.1 million from $150.5 million in the year-ago quarter. Net income for the quarter increased 57% year-over-year to $27.9 million from $17.7 million. Coldwater Creek is No. 50 in the Internet Retailer Top 400 Guide to Retail Web Sites.
For the nine months ended Oct. 29, Internet sales rose 27% to $126.8 million from $99.9 million a year ago, and dipped as a share of total net sales to 25.4% from 25.9%. But web sales rose as a share of direct segment sales, including Internet and catalog sales, to 61.5% from 53.1%.
Direct segment sales rose year-over-year 7% to $74.9 million in Q3 and 10% to $206.2 million for the nine months. "The increase in direct segment net sales was due to the continued growth of our Internet channel," said chairman and CEO Dennis Pence said. "Our e-mail database now includes almost 2.6 million active addresses, which provides us with increased opportunity to market to these customers in a targeted and affordable manner. In addition, our e-mail campaigns and catalog mailings now provide a compelling way to drive retail store traffic."