Coldwater Creek Inc. on Monday raised its second-quarter and full-year earnings and sales expectations, elevating them beyond Wall Street expectations.
This story first appeared in the July 15, 2008 issue of WWD. Subscribe Today.
For the second quarter, the Sandpoint, Idaho-based women’s apparel specialty retailer and direct marketer increased its guidance to breakeven to a profit of 2 cents a share, on revenues of $235 million to $240 million. Originally, Coldwater Creek was expecting a loss of 3 cents to 9 cents a share, on revenues of $215 million to $239 million.
“We are very pleased with the results of the entire organization’s intense focus on executing our strategic initiatives, particularly in light of the continued challenging retail environment,” said Daniel Griesemer, president and chief executive officer of Coldwater Creek. “We continue to focus on the aspects of the business within our control and retail committed to returning the company to sustainable and profitable growth and ensuring that our product and experience exceeds the Coldwater Creek customer’s expectations.”
For the full year, Coldwater Creek raised its guidance to the range of a loss of 4 cents to a profit of 9 cents a share, compared with its prior forecast of a loss of 13 cents to a profit of 4 cents. The company anticipates annual sales in the range of $1.11 billion to $1.15 billion, from $1.09 billion to $1.15 billion.