Coldwater Creek direct business up in Q4 as overall business improves
Coldwater Creek ran a net loss of $9.7 million for 2009's fiscal fourth quarter, compared to a net loss of $18.6 million for the same period of 2008. The women's apparel retailer attributed the improved quarter, in part, to an increase in direct marketing revenue.
"Our fourth-quarter results were significantly ahead of the prior year as we began to see an improvement in our comparable store sales and direct revenue, as well as a modest expansion in merchandise margin,” said Dennis Pence, chairman and CEO of Coldwater Creek, in a statement.
Coldwater Creek's net revenues were up 12.4% to $318.4 million for fiscal 2009's fourth quarter. Direct sales were up 16.5% to $97.3 million, compared to the same period last year. Sales from retail, which includes premium retail stores, outlet stores and day spa locations, were up 10.7% to $221 million in the quarter.
However, full-year direct sales were down. Direct sales decreased 6.1% to $256.2 million for FY 2009, compared to FY 2008. Net sales were up 1.4% to more than $1 billion for the fiscal year, which ended January 30.
Sales from the retail segment were up 4.1% to $782.4 million compared to the previous fiscal year. Net loss for fiscal 2009 was $56.1 million, compared to a net loss of $26 million for fiscal 2008.