Bombay Company Losses Narrow in Q4
Furniture retailer The Bombay Company reported lower fourth-quarter losses due in part to an increase in Internet sales, the Fort Worth-based company said Friday.
Fourth-quarter 2006 income was a net loss of $1.7 million, compared to a $25.1 million loss during the same period in fiscal 2005. Revenue for the quarter was up slightly to $188.2 million, from $186.9 million a year ago.
Same-store sales dropped 3.1% for the quarter, and the quarterly results included $10.2 million in charges related to underperforming stores. But Bombay’s direct-to-consumer sales — including Internet and mail-order business — grew to $13.4 million from $8.8 million in Q4 2005, largely on the strength of improved Web sales.
Full-year sales for 2006 were $536.3 million, down 5% from $565.1 million the previous year. The company posted a net loss of $52.8 million for the year, widening 2005’s $46.7 net loss.
