Cost Plus, Inc., Reports Positive Customer Count and Conversion, Lower Inventory Levels and Ample Liquidity with Third Quarter 2008 Results
Posted on 2:08 PM, under Earnings
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Cost Plus, Inc. CPWM today announced financial results for its third quarter ended November 1, 2008 and provided financial guidance for the fourth quarter of fiscal year 2008.
Third Quarter Results from Continuing Operations
Net sales for the third quarter of fiscal 2008 were $213.0 million, a 0.8% decrease from the $214.6 million for the third quarter ended November 3, 2007. Customer count and conversion continued to increase for the third consecutive quarter although same store sales decreased 3.4% due to a reduction in the average ticket. The Company reported a third quarter 2008 loss of $22.6 million from continuing operations before interest and taxes which was in the mid-range of its guidance and which compares to a $19.2 million loss for the third quarter of last year. Included in the third quarter of fiscal 2008 results was a $1.1 million asset impairment charge for five underperforming stores.
Third Quarter Results from Continuing Operations
Net sales for the third quarter of fiscal 2008 were $213.0 million, a 0.8% decrease from the $214.6 million for the third quarter ended November 3, 2007. Customer count and conversion continued to increase for the third consecutive quarter although same store sales decreased 3.4% due to a reduction in the average ticket. The Company reported a third quarter 2008 loss of $22.6 million from continuing operations before interest and taxes which was in the mid-range of its guidance and which compares to a $19.2 million loss for the third quarter of last year. Included in the third quarter of fiscal 2008 results was a $1.1 million asset impairment charge for five underperforming stores.
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