Cost Plus boosts sales 15.9%
By Furniture Today Staff -- Furniture Today, March 21, 2004
OAKLAND, Calif. — OAKLAND, Calif.— Specialty retailer Cost Plus, ranked No. 29 on Furniture/Today's list of Top 100 furniture stores, posted a 15.9% sales increase in its fourth quarter as net income rose 5.7%. Same-store sales were up 3.1%.
Sales in the quarter were $312.6 million, compared with $269.7 million a year ago. Net income came to $26.7 million, compared with $25.3 million.
For the year, Cost Plus recorded sales of $801.6 million, up 15.8% from last year's $692.3 million. Profits were up 16.2% to $33 million, with same-store sales increasing 2.7%.
Murray Dashe, chairman, CEO and president, said, "Thus far in the first quarter we have been encouraged by the pace and composition of our business, and the balance of consumables to home furnishings sales is as we would expect at this time of year. A majority of our spring merchandise offering is in our stores and we anticipate a strong spring selling season."
During the fourth quarter, Cost Plus opened 10 stores, plus four stores so far in the first quarter. At the end of January, the company operated 204 stores in 26 states compared with 175 stores in 23 states as of Feb. 1, 2003. It plans to open a net 33 stores this fiscal year, and expects to boost same-store sales about 3%.
| Cost Plus | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 1/31 | 2004 | 2003 | Change |
| Sales | $312,569,000 | $269,727,000 | 15.9% |
| Operating income | 44,388,000 | 37,978,000 | 16.9% |
| Net income | 26,694,000 | 25,266,000 | 5.7% |
| Earnings per share | 1.18 | 1.14 | 3.5% |
| Year ended 1/31 | 2004 | 2003 | Change |
| Sales | $801,566,000 | $692,301,000 | 15.8% |
| Operating income | 60,559,000 | 49,632,000 | 22.0% |
| Net income | 32,988,000 | 28,386,000 | 16.2% |
| Earnings per share | 1.48 | 1.28 | 15.6% |
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