USA: Coldwater Creek Q1 Profit Doubles
Women's fashion and jewellery retailer Coldwater Creek Inc on Thursday revealed it doubled its first quarter net earnings to $2.8 million, or 26 cents per diluted share, from the year-ago period.
The Idaho-based company, which sells its products via stores, catalogues and websites, said sales for the period ending June 1 were flat at $112 million but its profit benefited from lower marketing costs and better cost control systems.
Chief executive Georgia Shonk-Simmons said she expected revenue for the full financial year to total between $457m and $472m, with earnings per share in the range of 58 cents to 64 cents.
She added: "Even though we were able to report double net earnings for the first quarter, we still believe we won't report stronger sales until the third and fourth quarters of the year."
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