Sharper Image Catalog Income Jumps 46 Percent, Files Patent Suit Over Air Purifier
Catalog sales skyrocketed 46 percent to $33.3 million from last year's third-quarter total of $22.8 million. Internet sales, excluding auction sales, rose 48 percent in the quarter. Internet sales, including auction sales, increased 32 percent to $12.8 million from $9.7 million. The third-quarter net loss of $500,000 is a $3.3 million improvement over last year's third-quarter net loss of $3.8 million.
In the nine months ended Oct. 31, total revenue increased 31 percent to $301.4 million from last year's $229.6 million. Total store sales were up 27 percent to $165.6 million from $130.1 million, and comparable-store sales rose 14 percent. Catalog sales improved 45 percent to $91 million from last year's $62.6 million. Internet sales, excluding auction sales, increased 42 percent. Internet sales, including auction sales, rose 24 percent to $36.4 million from last year's $29.3 million. The first nine months' net loss of $1.4 million is an $8.9 million improvement from last year's net loss of $10.3 million.
The Sharper Image also said yesterday that it filed suit against HoneyWell International Inc., Radio Shack Corp. and Katz Inc. for alleged patent, trade design and false and misrepresentative claims for their Environizer indoor air purifier as it relates to Sharper Image Design's Ionic Breeze Silent Air Purifier.
In other news:
*Limited Brands, Columbus, OH, said yesterday that on a reported basis in the third quarter, operating income totaled $21.5 million compared with $153.5 million last year while net income was $15.8 million compared with $90.2 million a year ago.
On an adjusted basis, operating income reached $21.5 million compared with an operating loss of $16.8 million last year while net income reached $11.7 million compared with a net loss of $13.8 million a year ago.
Comparable-store sales for the quarter ended Nov. 2 rose 3 percent, and net sales of $1.98 billion increased 6 percent compared to adjusted sales of $1.88 billion a year ago. Adjusted sales last year exclude sales from Lane Bryant, which was sold to Charming Shoppes Inc. in August 2001. Net sales in third-quarter 2001, including Lane Bryant, totaled $1.91 billion.
On a reported basis for the 39 weeks ended Nov. 2, operating income was $265.7 million compared with $293.2 million last year while net income totaled $148.9 million compared with $192.4 million a year ago. On an adjusted basis, operating income reached $299.5 million compared with $85.4 million last year while net income totaled $176.6 million compared with $45.7 million last year.
Comparable-store sales for the year-to-date period rose 4 percent, and net sales of $6.12 billion increased 7 percent compared to adjusted sales of $5.73 billion last year. Net sales for the 39 weeks ended Nov. 3, 2001, including Lane Bryant, reached $6.23 billion.
* Results for Casual Male Retail Group Inc., Canton, MA, for the third quarter and nine months ended Nov. 2 include the effect, since May 14, of the acquisition of most assets of Casual Male Corp. and certain subsidiaries. The acquisition added 472 retail stores, bringing the company's total to 585 locations.
In the quarter the company had a net loss of $400,000 compared to net income of $500,000 in the three months ended Nov. 3, 2001. In the nine-month period, it recorded a net loss of $15.1 million compared to a net loss of $100,000 in the corresponding period last year. The nine months ended Nov. 2 include $11 million in restructuring charges recorded in the second fiscal quarter related to the downsizing of the company's Levi's/Dockers business and the integration of the Casual Male operations.
* The Sports Authority Inc., Fort Lauderdale, FL, reported that in the fiscal third quarter ended Nov. 2, the company posted a net loss of $4.2 million. In the comparable period last year it recorded a net loss of $4.5 million. Sales in the third quarter totaled $309.3 million, up 1.5 percent over $304.8 million last year. Comparable-store sales rose 0.4 percent.
The third-quarter income statement reflected $700,000 of pre-opening and grand opening expenses associated with three new stores. The balance sheet reflected year-over-year inventory per square foot declining 6.2 percent and debt falling $42 million.
* The Bombay Company Inc., Fort Worth, TX, said Wednesday that revenue in the three months ended Nov. 2 increased 17 percent to $113.8 million compared to $96.9 million in the three months ended Nov. 3, 2001. Same-store sales rose 9 percent for the quarter compared to a 3 percent decline in the prior year's quarter. Revenue from non-store operations, including mail order, Internet, Bailey Street Trading Company and International, represented 8 percent of total revenue. Net income for the quarter was $84,000 compared to a net loss of $2.2 million last year.
In the nine months ended Nov. 2, revenue reached $304.7 million compared to $285 million in the corresponding period last year. Same-store sales fell 2 percent. Revenue from non-store operations, including mail order, Internet, Bailey Street Trading Company and International, represented 7 percent of total revenue. The net loss totaled $6.6 million compared to a net loss of $7.9 million in the nine months ended Nov. 3, 2001.