June strong at Bombay
By Furniture Today Staff -- Furniture Today, July 13, 2003
Fort Worth, Texas — Successful promotions and clearance sales helped The Bombay Company to a 31% same-store sales gain in June, while fellow retailers Havertys and Pier 1 Imports turned in weaker performances.
It was the 10th straight month of double-digit sales gains for Bombay, the 421-store specialty retailer based here. Total sales came to $51.2 million in the five weeks ended July 5, a 35% increase from the comparable period last year.
Fort Worth-based Pier 1, meanwhile, said same-store sales declined 2.9% for the June period while total sales rose 4.7% to $165.5 million. Atlanta-based Havertys said same-store sales rose 0.7% for June, with total sales up 5.5% to $57.1 million.
Bombay's chairman and chief executive officer, Jim Carreker, said successful Father's Day promotions and clearance sales yielded strong results in all product categories.
"All regions of the United States reported double-digit same-store sales increases, while the largest increases were in Canada," he said. "Sales levels exceeded our expectations."
July should bring continued double-digit growth, but not at the same levels as in May or June, Carreker said. He said a net loss of 4 cents to 5 cents per share is expected for the fiscal second quarter, an improvement from last year's 10-cent loss.
Marvin Girouard, Pier 1 chairman and CEO, said the 2.9% same-store sales decline was within expectations. In June 2002, the company had posted a 7.4% same-store gain.
"Customer traffic was below last year, but comparable to traffic counts in May," he said. "Sales improved during the last three weeks of the five-week period in response to our promotional event that began in mid-June."
He added merchandise margins remain strong, and inventories are clean.
At Havertys, president and CEO Clarence Smith said same-store stales comparisons remained modestly up in early July.
He also said the average sales ticket was trending upward, rising 5% in the first half, slightly more than the rise in the average SKU price.
"We believe that mixing private-label products and name-brand items remains the best way to yield sales and margin growth," he said.
Smith said Havertys' second-quarter earnings would be "near the lower end" of the range forecast by analysts of 7 cents to 17 cents per share.
| Retailers report June revenues | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the five weeks ended July 5, 2003. |
|||
| Pier 1 Imports1 | $165.5 | 4.7% | -2.9% |
| Havertys | $57.1 | 5.5% | 0.7% |
| The Bombay Company1 | $51.2 | 35.0% | 31.0% |
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June retail sales soften
Jul 24, 2005 -
Retailers see sales slide in June
Jul 7, 2005 -
April results mixed for 3 stores
May 22, 2005 -
Havertys' sales up, Pier 1's down
Oct 22, 2006 -
May retail sales
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