US: Big Dog Holdings' FY income down despite sales growth
Consumer products developer Big Dog Holdings said 2005 net income took a slight fall to US$3.6m from $4.1m in 2004, despite an 11% net sales increase.
Full-year sales totalled $179.1m compared to $161.4m a year ago, as same-store sales edged up 3.3%. Same-store sales at the Big Dogs chain dropped 4.1%, offset by a 12.8% increase at The Walking Company.
For the fourth quarter of the year, net income was $4.7m compared to $3.7m a year ago. Previously announced net sales for the quarter were up 6.6% to $59.4m from $55.7m in 2004.
CEO Andrew Feshbach said: "We are pleased with our overall results for 2005. Although our net income declined in the fourth quarter, we see this decline largely as a result of non-recurring events as well as revenue declines at the Big Dog chain.
"We are excited about our future prospects as we look toward 2006 and beyond. With the acquisition of Steve's Shoes, we believe we will end the year at about150 TWC stores as compared to 92 at the end of 2005. We also will have about 150 Big Dog stores at the end of the year."
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