Eddie Bauer's Net Profit Plunges

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Eddie Bauer Holdings Inc. reported May 31 that revenues for the first quarter ended April 1 totaled $194.5 million compared to $221.9 million last year.

Same-store sales dropped 10 percent during the same period.

The Redmond, WA-based merchant's net loss for the first quarter was $35.6 million or $1.19 per diluted share compared to a net loss of $8.6 million in the first quarter of 2005.

In a report filed with the Securities and Exchange Commission on May 1, Eddie Bauer attributed its first quarter woes to the many changes it introduced in its Fall/Holiday 2005 collection, the company said.

As previously reported, Eddie Bauer announced its intention last week to explore strategic alternatives, including the sale of the company.

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