NEW YORK (TheStreet) -- Coldwater Creek (CWTR) were getting thumped late Monday after the Sandpoint, Idaho-based women's apparel retailer said it expects a sharp decline in sales to result in a surprise loss for its fiscal third quarter ending Oct. 30.
"Our fall merchandise assortment is meeting with limited success, as we did not offer products that resonated with our customers, particularly in important categories such as jackets, pants and woven shirts," said Dennis Pence, the company's chairman and chief executive officer, in a statement.
The depth of the company's anticipated miss is dramatic as Coldwater Creek now sees a loss of 14 to 19 cents a share for the three-month period vs. its previous expectation for earnings of 1 to 4 cents a share. The company expects total sales to come in between $225 million and $230 million for the quarter with same-store sales at its premium retail locations projected to drop between 18%-21%. Coldwater Creek's guidance had been for flat same-store sales on the same basis.
The current average estimate of analysts polled by Thomson Reuters is for a profit of 3 cents a share on sales of $278.5 million.
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