Coldwater Creek Inc. on Wednesday said it narrowed its first-quarter loss.
For the three months ended April 28, the loss was $23.8 million, or 20 cents a diluted share, compared with a loss of $30 million, or 32 cents, a year ago.
Net sales in the quarter decreased 5.5 percent to $169.9 million from $179.8 million. Same-store sales declined 0.6 percent. By segment, sales at retail were $131.2 million versus $135.3 million last year. Sales in the direct channel, which includes the Internet and phone and mail orders, fell 13.1 percent to $38.7 million from $44.5 million.
Dennis Pence, chairman and chief executive officer, said the first-quarter results “reflect meaningful progress in our operating performance” given that the company narrowed its net loss.
For the second quarter ending July 28, the company expects a loss per share of between 15 cents to 20 cents, versus the loss of 30 cents a share in the same year-ago period.