By  on May 18, 2009

Eddie Bauer Holdings Inc. saw its shares fall another 21.8 percent Friday after reporting its first-quarter net loss more than doubled despite the specialty retailer’s continued efforts to cut costs in order to mitigate the impact of lower sales.

The Seattle-based company said its net loss grew to $44.5 million, or $1.44 a share, for the period ended April 4, compared with a loss of $19.3 million, or 63 cents a share, in the year-ago quarter. The firm said the “increased net loss” was due mainly to a $10.3 million accounting loss on the senior term loan interest rate hedge, and a lower noncash income tax benefit of $11 million.

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