Bombay Company Sales Drop in Q1
Home furnishings supplier The Bombay Co. said Friday that first-quarter revenue slipped 11.9% to $104.6 million compared to $118.7 million for the same quarter in 2006.
The Fort Worth TX-based company reported a net loss of $15.5 million for the quarter, a small reduction from the net loss of $15.6 million in Q1 2006.
Same-store sales declined 10.2% year over year, and Bombay closed 24 retail outlets during the quarter and opened two to end the quarter with 419 stores. But revenue from the company’s Internet and mail order businesses grew to $8.5 million from $6.6 million last year, driven largely by an increase in e-commerce.
“While we are disappointed with our first-quarter results, which continue to be affected by softness in the retail home sector, we remain focused on our continued efforts to return Bombay to positive cash flow and long-term growth,” Bombay CEO David Stewart said in a release.
