Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Internet sales at Sharper Image in February declined 32% to $4.7 million from last February`s $6.9 million, the company reports. Total sales were down 33%.
Internet sales at Sharper Image Corp. in February declined 32% to $4.7 million compared to last February`s $6.9 million, the company reported today. Total sales were down 33% to $30.5 million from $45.4 million in February last year. Total store sales fell 27% to $19.2 million from $26.3 million a year earlier. Comparable store sales decreased 31%. Total catalog sales/direct marketing sales, including wholesale, were $6.7 million compared to last February`s $12.2 million, a decrease of 45%. Internet sales in February accounted for 15.4% of all sales, virtually unchanged from 15.2% a year ago.
"In response to our recent trends, we have cut expenses, accelerated new product testing and development, and further reduced our advertising spend, particularly in our direct marketing channels,” said Richard Thalheimer, founder, chairman and CEO. “In the near term, we expect our reduced advertising to contribute to continued lower year-over-year sales results. Our focus continues to be the introduction of new and innovative products, the optimization of advertising expenditures, and to lower expenses and inventory levels.”
Sharper Image, No. 11 in the Internet Retailer Top 400 Guide to Retail Web Sites, operates SharperImage.com, a catalog and 190 stores.