Bombay Company looks to Internet for growth

Share this content:

Internet marketing is one of the strategies The Bombay Company is focusing on as it tries to reinvigorate sales and cut costs. The Forth Worth, TX-based multichannel home décor and furniture merchant's continuing anemic sales have coincided with a weak U.S. housing market.

For the first quarter ended May 5, Bombay's revenue declined 11.9 percent to $104.6 million. Same-store sales decreased 10.2 percent during the same period. However, Bombay's direct-to-consumer business reached $8.5 million compared to $6.6 million last year. This growth was driven primarily by an increase in Internet sales, according to the company.

"We believe that our Internet strategy continues to present an excellent opportunity to leverage our expense base into meaningful, profitable growth," David B. Stewart, CEO of Bombay, said in a statement.

During the first quarter the company shifted its marketing focus to e-mail marketing and reduced its reliance on other marketing vehicles, resulting in a $8.1 million reduction in selling, general and administrative costs compared to last year.

In the past month Bombay launched free in-store pickup for online orders. Since its launch, the offering is tracking well and has experienced significant growth.

Bombay's net loss for the quarter ended May 5 was $15.4 million, or 42 cents a share, compared to a net loss of $15.6 million, or 43 cents a share, for the first quarter of last year.

The company also announced Friday that it has received two notices from the NYSE Regulation Inc. that it is not in compliance with New York Stock Exchange continued listing requirements because the average close share price of Bombay's common stock over a consecutive 30-day trading period was less than $1.

In addition, the company's 30-day average market capitalization and stockholders' equity had both fallen below $75 million.

Bombay said in the statement Friday that it intends to notify NYSE Regulation within 10 days that it intends to cure the deficiencies.


Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

PAN Communications is an award-winning integrated marketing and public relations agency for B2B technology and healthcare brands. PAN's data-driven approach allows the firm to specialize in public relations, social media, content and influencer marketing, and data and analytics. PAN partners with brands to create unique, integrated campaigns that captivate audiences and drive measurable results. PAN services clients out of the firm's four offices: Boston, San Francisco, New York City and Orlando.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above