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Bombay 1Q sales down 11.8%; loss trimmed a bit

Larry Thomas -- Furniture Today, May 27, 2007

Fort Worth, Texas — The Bombay Company, which has been struggling financially for months, said first-quarter sales of $104.6 million were down 11.8% from last year's first quarter, with same-store sales off 10.2%.

The specialty retailer reported a net loss in the quarter of $15.4 million, or 42 cents per share. That was slightly less than the loss of $15.6 million, or 43 cents per share, in last year's first quarter.

"While we are disappointed with our first quarter results ... we remain focused on our continued efforts to return Bombay to positive cash flow and long-term growth," said CEO David Stewart.

During the quarter, the company closed 24 stores and opened two, ending the quarter with 419 locations. The closings included 11 BombayKids stores that were combined with traditional Bombay stores.

Stewart said the company will continue to move many mall stores to off-mall locations, adding that more store closings are possible.

Bombay said gross margin dropped to 16.5% from 20.2% in last year's first quarter. It attributed the decline to increased promotional activity and a competitive environment for home furnishings.

The Bombay Company
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
Quarter ended 5/5	2007	2006	Change
(a) Based on average shares outstanding of 36.4 million in the 2007 quarter and 35.9 million in the 2006 quarter.
Revenues	$104,629,000	$118,664,000	(11.8%)
Operating income	(14,446,000)	(15,750,000)	—
Net income	(15,445,000)	(15,553,000)	—
Earnings per share (a)	(0.42)	(0.43)	—

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Bombay reports 11.8% first-quarter sales decline

May 25, 2007

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