Bombay Company presents results, says brand repos to pay in future
18 Aug '05
5 min read
Based on performance to date, the Company has updated its estimate of the projected tax rate and has provided a benefit equal to 35.3 percent of the pre-tax loss for the six months compared to a 40.8 percent benefit during the first quarter. The cumulative impact of this change during the second quarter is equal to approximately ($.02) per share.
The Company ended the quarter with $166.9 million in inventory, 22 percent above last year's levels due to the decision to flow inventory earlier to support the new merchandise presentation. The amounts are slightly higher than planned with the greatest increase related to merchandise in transit from the vendors. Purchases for the remainder of the year are expected to be lighter than historical levels on a relative basis and the Company expects to end the year with inventory levels in line with its plan of $135 to $140 million.
The Company anticipates opening approximately 10 stores during the third quarter including three BombayKIDS stores in the combination format while closing six stores. During the fourth quarter, the Company expects to open 10 to 13 stores, including three to four BombayKIDS stores, and close 10 to 12 stores ending the year with approximately 497 to 502 stores which includes 59 to 60 BombayKIDS stores.
Based upon the recent months' trends and actual second quarter results, the Company now expects results for Fiscal 2005 to be in the range of ($0.06) to ($0.12) per share.
In conjunction with this release, you are invited to listen to Bombay's conference call with management that will be conducted on Thursday, August 18, 2005 at 10:00 a.m. Central Time. The Company will review the second quarter results as well as the outlook for the remainder of Fiscal 2005. Interested parties should dial 212-676-5380 ten minutes prior to the start time. The call will also be broadcast live over the Internet at http://www.bombaycompany.com. For those who are unable to listen to the live broadcast, a telephone replay will be available for 72 hours beginning at 12:00 p.m. Central Time at 800-633-8284. The access code is 21226536. The call will also be available for replay for 45 days on the investor relations page of the Bombay website.
Texas based The Bombay Company Inc designs, sources and markets a unique line of home accessories, wall decor and furniture through 495 retail outlets, specialty catalogs and the Internet in the U.S. and internationally. It offers furnishings with elegant designs, warm colors and luxurious textures. Your home becomes more welcoming and inviting with furniture and home décor pieces that reflect your personal style.
marketing@alchempro.com
