J. Crew, Coldwater Creek see Q3 gains across three channels
J. Crew and Coldwater Creek both reported strong sales gains across three channels - catalog, Internet and stores - during the third quarter.
Coldwater Creek said net sales for the three-month period ended Oct. 28 increased 37.2 percent for a total of $256.4 million. While J. Crew generated a 23 percent increase in revenues over the same period for a total of $275.6 million.
"The third quarter was notable because of strong net sales increases in all three channels - retail stores, Internet and catalogs - as we successfully navigated what proved to be a highly promotional marketplace during the fall season," said Coldwater Creek chairman/CEO Dennis Pence in a statement.
Coldwater Creek, Sandpoint, ID, said same-store sales rose 9.9 percent during the three-month period ended Oct. 28.
Retail sales increased 48 percent for a total of $167.5 million and represented 65.3 percent of the company's total net sales during the quarter. Direct segment sales increased 20.6 percent for a total of $88.8 million and represented 34.7 percent of the company's total net sales. Internet sales increased 28.6 percent for a total of $59.5 million and represented 66.9 percent of direct sales. Catalog net sales increased 7.1 percent for a total of $29.4 million and represented 33.1 percent of the direct segment's net sales.
Coldwater Creek also reported net income increased $5.4 million or 51.8 percent for a total of $15.9 million, or $0.17 per diluted share, during the third quarter. This compares with net income of $10.5 million, or $0.11 per diluted share, for the three-month period last year.
J. Crew, New York, said same-store sales increased 19 percent during the three-month period ended Oct. 28. Direct sales, including Internet and catalog, rose by 18 percent for a total of $66.3 million.
The company's net income was $26 million, or $0.40 per diluted share, compared to a net loss of $0.3 million in the third quarter of fiscal 2005.