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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV