Coldwater Creek H1 net income soars 60.5%, ups FY outlook
24 Aug '06
4 min read
Coldwater Creek Inc reported financial results for the three- and six-month periods ended July 29, 2006.
Net income for the three-month period ended July 29, 2006, increased $5.8 million, or 93.7 percent, to $12.0 million, or $0.13 per diluted share, compared with net income of $6.2 million, or $0.07 per diluted share, for the three-month period ended July 30, 2005.
Net sales in the fiscal 2006 second quarter increased 41.2 percent to $216.4 million from $153.3 million in the fiscal 2005 second quarter.
Net income for the six-month period ended July 29, 2006, increased $8.9 million, or 60.5 percent, to $23.6 million, or $0.25 per diluted share, compared with net income of $14.7 million, or $0.16 per diluted share, for the six-month period ended July 30, 2005.
Net sales in the first six months of fiscal 2006 increased 39.7 percent to $431.7 million from $308.9 million in the same period a year ago.
Comparable store sales increased 13.3 percent for the three-month period ended July, 29, 2006, compared with a 12.7 percent increase in the prior-year period.
"The combined strength of our triple-channel business strategy resulted in net income growth of nearly 94 percent, as well as higher net sales and a solid, double-digit increase in same-store sales for the second quarter," said Dennis Pence, Chairman and CEO for Coldwater Creek. "In addition, gross profit improved by 350 basis points and operating margin increased 230 basis points in the recent period."
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