This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Coldwater Creek Announces Results For First Quarter Of Fiscal 2013

Stocks in this article: CWTR

SANDPOINT, Idaho, June 5, 2013 (GLOBE NEWSWIRE) -- Coldwater Creek Inc. (Nasdaq:CWTR) today reported financial results for the three-month period ended May 4, 2013.

First Quarter of Fiscal 2013 Operating Results

  • Consolidated net sales were $155.7 million, compared with $169.9 million in first quarter 2012. Net sales from the retail segment were $117.8 million, compared with $131.2 million in the same period last year. Comparable premium retail sales declined 10.5 percent for the quarter. Net sales were also impacted by store closures as a result of our store optimization program. Net sales from the direct segment were $38.0 million, compared with $38.7 million in the same period last year.
  • Consolidated gross profit decreased $3.4 million to $51.0 million, or 32.7 percent of net sales, compared with $54.4 million, or 32.0 percent of net sales, for first quarter 2012. The 70 basis point increase in gross profit margin was primarily due to increased leverage of buying and occupancy expenses.
  • Selling, general and administrative expenses (SG&A) were $68.4 million, or 43.9 percent of net sales, compared with $77.5 million, or 45.6 percent of net sales, for first quarter 2012. The $9.2 million decline in SG&A was due primarily to lower expenses across all categories, with the largest declines from marketing and employee-related expenses.
  • Net loss was $19.4 million, or $0.63 per share, and included other gain, net, of $0.9 million, or $0.03 per share, due to the change in the fair value of the derivative liability related to the Series A Preferred Stock issued in July 2012. This compares to a net loss of $23.8 million, or $0.78 per share, for first quarter 2012.
  • On an adjusted basis, excluding the gain on the derivative liability, net loss was $20.3 million, or $0.66 per share. (Please see the table of GAAP to Non-GAAP Reconciliation of Selected Measures at the end of this press release.)

"Our first quarter results were impacted by unseasonable weather throughout the quarter; however, we were able to more than offset softer-than-expected sales through gross margin rate expansion and disciplined expense management, delivering results consistent with the higher end of our expectations," said Jill Dean, President and Chief Executive Officer of Coldwater Creek. "The extensive work we have done to clearly define our brand strategy and target customer has influenced our merchandise direction and assortment architecture primarily in the back half of the year, which we believe will enable us to continue to generate improvements in our operating performance in fiscal 2013."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs