USA: Coldwater Creek's Announce Third Quater Results
Coldwater Creek Inc (Nasdaq: CWTR), the multi-channel retailer of women's apparel, jewelry, gifts and home merchandise, today reported a rise in third quater net sales and net income.
The company has reported that third quarter figures for the 2000 financial year show that net income increased by 36.2 per cent to $7.1m, from $5.2m in 1999. Over nine months the company has increased net income by 52 per cent to $12.5m from $8.2m for the same period last year.
Net sales for the financial 2000 third quarter were up 22.2 per cent to $123.7m from $101.2m in 1999. The nine month net sales figures also show an increase of 27.6 per cent up to $288.6m from the $226.1m recorded during the same period last year.
Georgia Shonk-Simmons, president of catalogue and retail sales said: "Our third-quarter performance continued the momentum we experienced during the first half of fiscal 2000 in top-line and gross profit growth which translated into strong bottom-line results.
"Additionally, our prudent investment in prospecting for new customers has delivered solid growth in our house file and active file of 12-month buyers, both of which are now at record high levels for the company."
Gross profit for the financial 2000 third quarter increased 23.0 per cent to $65.4m from $53.1m last year. The gross margin rate increased to 52.9 per cent during the financial 2000 third quarter, compared with 52.5 per cent during the financial 1999 third quarter.
Georgia Shonk-Simmons continued: "Coldwater Creek's multiple sales channels continued to perform above our expectations in the fiscal 2000 third quarter.
"Our Direct Channel, which consists of catalogue and Internet, posted an increase in net sales of 15.1 per cent to $112.7m compared with $97.9m a year ago."
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