Design Within Reach
reported a preliminary third-quarter loss of $441,000, or 3 cents a share. A year earlier, the furniture retailer posted earnings of $907,000, or 6 cents a share. Analysts' forecasts called for a profit of 4 cents a share. The latest quarter's results included $670,000 in costs related to a systems conversion, and the company said results were also hurt by promotional activity and weakness in the U.S. dollar. Sales rose to $39.3 million from $30.1 million, beating analysts' estimate of $38 million.
Design Within Reach slashed its 2005 earnings forecast to a range of 4 cents to 7 cents a share from its previous guidance of 40 cents to 42 cents. The company expects sales of $157 million. Wall Street targets called for full-year earnings of 38 cents a share and sales of $164 million. The company projected 2006 earnings of 11 cents to 21 cents a share and sales of $175 million to $185 million, well below analysts' estimates of 59 cents and $201 million. The company's shares plunged $2.99, or 39% to $4.73 after hours.
said it earned $1.7 million, or 6 cents a share, for the third quarter, reversing a year-earlier loss of $4 million, or 14 cents a share. The retailer's revenue jumped 83% to $69.6 million from $38.1 million. "During the same period, we nearly doubled our margins and grew the Private Label business by expanding the product mix beyond casual bottoms and attracting new customers with our proven design and marketing expertise," said Barry Aved, president and CEO. Analysts expected earnings of 3 cents a share on revenue of $62.4 million. The stock rose 39 cents, or 37%, to $1.45 in after-hours trading.
VNUS Medical Technologies
reported earnings of $1.6 million, or 11 cents a share, up from $995,000, or 9 cents a share, a year ago. Revenue for the quarter rose 20% to $12.1 million from $10.1 million last year. Analysts projected earnings of 5 cents a share and revenue of $13.2 million. For the fourth quarter, the company expects to earn 4 cents to 6 cents a share, well below Wall Street's forecast of 10 cents. The company sees revenue of $12 million to $12.4 million, below analysts' projection of $14.8 million. Shares tumbled $1.35, or 12%, to $9.85 in after-hours trading.