Bombay same-store sales up 30%
By Clint Engel -- Furniture Today, April 13, 2003
Fort Worth, Texas — The Bombay Company continued to buck tough business conditions in March, posting a 30% increase in same-store sales for the five-week period ended April 5 with a particularly strong furniture business.
Atlanta-based Havertys, meanwhile, reported a 7.7% same-store sales decline in March, and Pier 1 Imports' same-stores sales were off 5.8% for the five weeks ended April 5.
Bombay, whose total revenues rose 36% from the comparable period a year ago to $47.9 million, said its sales continued to be helped by a strong flow of product, a better inventory position and better marketing compared to March 2002, when same-store sales fell 11%.
Furniture was the strongest category for the specialty retailer, although wall décor and accessories also had double-digit sales growth.
Havertys' total March sales decreased 1% to $58.2 million. Sales for the first quarter increased 0.2% to $175.4 million, with same-store sales down 6.6%.
"Sales continue to be impacted by the slow economy and other factors which deter consumers from making discretionary purchases," said Clarence Smith, president and chief executive officer of the 111-store Havertys.
He said Havertys made progress retooling its distribution in the quarter, placing six of its 50 markets on the new system.
Thirteen more will be transitioned this quarter, giving the company a total of 24 markets — all in the eastern half of its 14-state territory — operating under the new methods by the end of the period.
Smith said the retailer's gross profit margins have been improving in spite of the tough business climate in the past six months.
"Progress toward resolution of the war with Iraq leads us to be optimistic that the domestic economy will pick up later in 2003, allowing us to capitalize on the pent-up demand for quality home furnishings," he said.
Pier 1's total sales for the five-week period increased 3.2% to $150.1 million, but the war with Iraq took a bite out of traffic and business, said Marvin Girouard, chairman and CEO.
Nevertheless, Pier 1's average ticket size was up from a year ago, and sales were stronger in parts of the country with mild or warm weather, he said.
"Inventories are at or slightly below plan, which serves us well during this time of continued uncertainty," Girouard said. "We are encouraged by the sell-through of new and seasonal merchandise."
| Retailers report March sales | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the five weeks ended April 5, 2003. Source: Retailers |
|||
| Pier 1 Imports1 | $150.1 | 3.2% | -5.8% |
| Havertys | $58.2 | -1.0% | -7.7% |
| The Bombay Company1 | $47.9 | 36.0% | 30.0% |
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