Brookstone Inc. posted a net loss of $117.5 million for the fourth quarter, compared to net income of $34.2 million in the prior year.
The giftware direct marketer reported net sales of $220.1 million for the quarter ended Jan, 3, a 23.7 % decrease from $228.5 million last year.
The Merrimack, NH firm posted gross profit of $72,000 for the quarter, a decrease from $131.1 million in the prior year.
The company reported selling, general and administrative expenses of $51.3 million for the quarter, a drop from $65.8 million last year.
“Our fourth quarter sales were affected by many of the negative factors rippling through the entire economy,” said Lou Mancini, CEO, in a statement. “We experienced a significant downturn in sales beginning in October that coincided with the unprecedented turmoil in the financial sector. We responded to these events by reducing our forward inventory buys and cutting costs.”
