Cost Plus Expects To Report 1Q Loss

OAKLAND, Calif. (AP) — Specialty home retailer Cost Plus Inc. said Thursday it will likely report a loss in its fiscal first quarter due partly to declining sales at established locations.

The company said it expects a loss from continuing operations before interest and taxes of $23 million to $25 million, or between $17 million and $19 million excluding charges for buying out leases of stores being closed. Per-share results weren't disclosed.

The retailer said its sales for the quarter would range between $179 million and $184 million.

Analysts polled by Thomson Reuters expect the company to report a loss of 82 cents per share and higher revenue of $194.7 million.

Same-store sales, or sales at stores open at least a year, will likely fall between 9 percent and 12 percent, the company said. Cost Plus also said it will not open any new stores and will close 26 stores during the period.

Also on Thursday, Cost Plus said its loss widened in its fourth quarter due to a decline in sales and charges for workforce reductions and store closures.

Cost Plus shares fell 15 cents, or 15.8 percent, to close at 80 cents.