Bombay posts small loss as 3Q sales increase 18.9%
By Furniture Today Staff -- Furniture Today, November 23, 2003
Fort Worth, Texas — The Bombay Company reported an 18.9% sales gain and a small loss, both of which beat its earlier projections, in its third quarter ended Nov. 2.
"Bombay has completed the first phase of our turnaround, regaining market share with strong same-store sales growth," said James Carreker, chairman and chief executive officer of the 465-store specialty retailer. "Now we enter the next phase, where the focus will be on improving profit flow-through with mid single-digit same-store sales growth, and growing our store count."
Sales of $135.4 million in the quarter included a same-store sales gain of 13%. The loss for the quarter was $148,000, compared with an $84,000 profit a year earlier. Carreker said the company's average transaction size grew 10%, while the number of transactions rose 7%.
"All categories, except occasional furniture, grew at a double-digit rate, with large furniture sales being the strongest," he said.
For the nine months, sales were up 26.3% to $384.9 million, and the loss of $2.2 million was an improvement on the previous year's $6.6 million loss.
For the fourth quarter, the company said it expects earnings of $12 million to $15.5 million, compared with $13.8 million a year ago. That amounts to earnings of 34 to 41 cents per share, compared with a Wall Street consensus estimate of 45 cents, according to Reuters.
"We believe that we are well positioned to take advantage of the holiday shopping season," Carreker said. "However, we are concerned that the softness in the first two weeks of November represents uncertainty about the holiday season. As a result, we believe that sales may come later and be more promotional than anticipated."
| The Bombay Company | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 11/120032002Change | |||
| (a) Includes income tax benefits of $98,000 in the 2003 quarter, $1.4 million in the 2003 nine months and $4.3 million in the 2002 nine months. |
|||
| Sales | $135,361,000 | $113,841,000 | 18.9% |
| Operating income | 128,000 | 211,000 | (39.3%) |
| Net income | (a)(148,000) | 84,000 | — |
| Earnings per share | 0.00 | 0.00 | — |
| 9 months ended 11/1 | 2003 | 2002 | Change |
| Sales | $384,871,000 | $304,736,000 | 26.3% |
| Operating income | (3,381,000) | (11,064,000) | — |
| Net income (a) | (2,189,000) | (6,624,000) | — |
| Earnings per share | (0.06) | (0.20) | — |
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