Abercrombie & Fitch, New Albany, OH, led the way among DMers posting quarterly results yesterday as it reported that net sales in the 13 weeks ended May 1 increased 19 percent to $411.9 million from $346.7 million in the 13 weeks ended May 3, 2003. While comparable-store sales were flat for the quarter, net income increased 16 percent to $29.7 million from $25.6 million in first-quarter fiscal 2003.
Other companies reporting results yesterday:
* RedEnvelope Inc., San Francisco, which issued results for the fourth quarter and fiscal year 2004 ended March 28, recorded total net revenue of $17.3 million for the quarter compared with $15.1 million in the fourth quarter of the prior fiscal year. However, its net loss was $2.3 million, compared with a net loss of $2.7 million in fourth-quarter fiscal 2003. For the fiscal year it reported total net revenue of $79.3 million versus $70 million for the prior fiscal year. But again a net loss was posted — $5.1 million, compared with a net loss of $7.7 million in fiscal year 2003. Net revenue per order increased to $74 from $67 in the fourth quarter of fiscal year 2003 as gross profit per order increased to $39 from $31.
Quarter-end highlights included: at the end of the fiscal year, RedEnvelope's customer file totaled about 1.8 million names; for the fourth quarter of fiscal year 2004, net revenue from existing customers represented about 51 percent of total net revenue; in the fourth fiscal quarter, RedEnvelope shipped about 234,000 orders; and jewelry remains the largest of the company's 14 product categories, representing about 26 percent of total revenue for the quarter.
* Collegiate Pacific, Dallas, posted record net sales and income for its third quarter ended March 31. Highlights of the quarter included: a net sales increase of 84 percent ($11.2 million vs. $6.1 million); a jump in operating profit of 146 percent ($1.5 million vs. $608,000); and an improvement in net income of 53 percent ($895,000 vs. $583,000).
* Sportsman's Guide Inc., South St. Paul, MN, filed its Form 10-Q including sales for the quarter ended March 31 of $44.6 million, which were $900,000 or about 2 percent greater than in the same period last year. However, for the first quarter of 2004, sales generated through catalogs fell from the prior year's level mainly as a result of lower-than-anticipated customer response rates and a reduction in circulation. Sales generated via the Internet for the quarter ended March 31 were about 40 percent of total catalog and Internet sales compared with about 34 percent in the same period last year.
Gross profit for the quarter ended March 31 was $14.1 million, or 31.7 percent of sales, compared with $14.2 million or 32.5 percent of sales in the same period last year. Total catalog circulation in the first quarter of 2004 was 11 million compared with 11.3 million in first-quarter 2003. The company mailed nine catalog editions consisting of three main catalogs, three Buyer's Club Advantage catalogs and three specialty catalogs during the quarters ended March 31, 2004, and 2003.
