Brookstone's Fourth-Quarter Sales Dip 6 Percent
Brookstone's sales decreased 6 percent to $170.1 million for the fourth quarter ended Feb. 2, from $180.9 million for the prior year's 14-week fourth quarter, the company said yesterday.Same-store sales for the comparable 13-week period fell 10.7 percent.
Total sales for the 52 weeks ended Feb. 2, 2002, decreased 3.1 percent to $353.2 million from $364.5 million for the 53 weeks of the prior year, Brookstone said. Same-store sales for the comparable 52-week period fell 8.6 percent.
"We are pleased to see that underlying sales trends continue to improve, with January's results better than our previously reported holiday sales," said Michael Anthony, chairman, president and CEO. "As previously stated, we will end the year in a strong financial position with cash of approximately $30 million and inventory levels slightly above last year while supporting 27 new stores.
"We are confident with our previously released earnings estimate for the year and remain positive with our outlook for fiscal 2002. For the upcoming fiscal year, we plan on opening between 13 and 15 new stores and anticipate earnings to range between $1.20 to $1.25 per fully diluted share."
Brookstone is a specialty retailer that operates 248 stores in 39 states.
