Federated, Others Report EarningsFederated Department Stores Inc., Cincinnati, said yesterday that total sales of $3.487 billion for the second quarter were "flat" compared with $3.488 billion for the same period last year. On a same-store basis, second quarter sales fell 2.8 percent.
During the 26-week year-to-date period, the company's sales totaled $6.94 billion, a drop of 1.5 percent from $7.044 billion in the same period last year. On a same-store basis, Federated's year-to-date sales were down 2.9 percent.
In other news:
* Hanover Direct Inc., Edgewater, NJ, reported net earnings of $1.8 million for the 13 weeks ended June 29 compared with $12.7 million for the comparable period last year. Results for the 13-week periods ended June 29 and June 30, 2001, include $300,000 and $24.3 million, respectively, in after-tax gains resulting from the sales of the Improvements business and the Kindig Lane Property in 2001. Before the recognition of these gains, pro forma net earnings for the 13 weeks ended June 29 improved by $13.1 million over the comparable period in 2001.
Net revenue fell $54.4 million (19.6 percent) in the 26 weeks ended June 29 to $223.4 million from $277.8 million for the comparable period in 2001. This decrease resulted partly from the sale of the Improvements business June 29, 2001, which accounted for $34.1 million of the reduction in revenue for the 26-week period ended June 29. The discontinuance of the Domestications Kitchen & Garden, Kitchen & Home, Encore and Turiya catalogs contributed $6 million to the reduction in net revenue for the 26 weeks ended June 29.
Another $700,000 of the drop in revenue can be attributed to the decision to scale back on its third-party fulfillment business by focusing only on profitable operations. The balance of the decrease in net revenue can be attributed to softness in demand, primarily related to certain brands and planned reductions in unprofitable circulation.
* Brookstone Inc., Nashua, NH, said that for the second fiscal quarter ended Aug. 3, total sales rose 2.3 percent to $71.2 million from $69.6 million in the second fiscal quarter last year. Same-store sales for the comparable period fell 3.7 percent. Sales in the direct-to-customer segment increased 9.3 percent to $12.6 million compared with the same period last year.
Total sales in the first six months of fiscal 2002 rose 2.6 percent to $127.9 million from $124.6 million for the first six months of the last fiscal year. Same-store sales in the first six months of fiscal 2002 fell 3.5 percent. Sales in the direct-to-customer segment increased 3.2 percent to $23 million from the same period last year.
* Restoration Hardware Inc., Corte Madera, CA, reported net sales for the second fiscal quarter ended Aug. 3 of $85 million, up 12 percent from $75.9 million in the same period a year ago. Comparable-store sales for the quarter rose 8.9 percent. Sales for the direct-to-customer division, which includes catalog and Internet, increased 40 percent for the quarter.
* Urban Outfitters Inc., Philadelphia, reported that net sales in the three months ended July 31 increased 26 percent to $101 million from $80.4 million in the comparable quarter last year. Comparable-store sales rose 11 percent, with Urban Retail up 8 percent and Anthropologie Retail up 15 percent.
Direct-to-consumer sales increased 61 percent, primarily related to additional orders generated from the circulation of a new Anthropologie "Summer Essentials" catalog this year and continued strength in urbn.com sales. Anthropologie catalog circulation for the quarter increased from about 1.3 million books last year to 1.8 million books this year. Free People wholesale sales rose 3 percent for the quarter compared with the same period last year. Net sales in the six months ended July 31 increased 28 percent to $195.1 million from $152.2 million last year. Comparable-store sales increased 14 percent in the same period, with Urban Retail up 9 percent and Anthropologie Retail up 21 percent.
* Sharper Image Corp., San Francisco, said that for the second fiscal quarter ended July 31, total company sales rose 24 percent to $99.6 million from last year's second-quarter total of $80.2 million. Total store sales increased 20 percent to $58.4 million from $48.5 million; comparable-store sales rose 5 percent in the quarter. Catalog sales increased 33 percent to $29 million from $21.8 million. Internet sales, excluding auction sales, rose 42 percent. Internet sales including auction sales increased 23 percent to $12.2 million from $9.9 million.
Also, company sales year-to-date through the first six months of the company's fiscal year increased 29 percent to $189.9 million from last year's $147.7 million. Total store sales increased 23 percent to $108.4 million from $88.3 million; comparable-store sales rose 9 percent. Catalog sales of $57.8 million were up 45 percent over the prior year's $39.8 million. Internet sales, excluding auction sales, increased 39 percent. Internet sales including auction sales rose 21 percent to $23.7 million from last year's $19.6 million.
* On Wednesday, The Bombay Company Inc., Fort Worth, TX, reported that total revenue during the second fiscal quarter ended Aug. 3 rose 3 percent to $100 million from $97 million for the quarter ended Aug. 4, 2001. Same-store sales for the comparable 13 weeks ended Aug. 3 fell 6 percent. For the fiscal year-to-date reporting period, total sales increased 2 percent to $190.9 million from $188 million last year while same-store sales fell 8 percent.