Cost Plus 4Q sales up 9.7%

By Furniture Today Staff -- Furniture Today, February 20, 2005

Oakland, Calif. — Specialty retailer Cost Plus said sales in its fourth quarter were up 9.7% to $342.9 million from $312.6 million in the comparable period a year ago. Same-store sales in the quarter ended Jan. 29 declined 1.3%, compared with a 3.1% increase a year ago.

Cost Plus, which also operates as World Market, reaffirmed its January guidance, when it estimated earnings per share of $1.06 for its fourth quarter.

Sales for the year ended Jan. 29 were $908.6 million, an increase of 13.3% over sales of $801.6 million in the previous year. Same-store sales were up 0.9%, on top of a 2.7% increase last year.

Chairman, President and CEO Murray Dashe said, "In January we successfully sold through our residual holiday inventory, and we look forward to entering the new fiscal year with clean inventories and a strong spring product offering."

Cost Plus plans to release complete fourth quarter and year-end results on March 17.

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