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.
- 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.)