Brookstone, Inc. has joined the parade of companies reporting a poor third quarter.
The Nashua, NH-based retailer posted sales of $58.2 million, compared with $63.8 million for the same quarter last year.
However, direct-to-consumer sales rose by 19.7% to $14 million. And they have increased by 7.1% to $36.2 million for the year to date.
Same-store sales decreased by 17%, and this will contribute to a net loss of up to $1.07 per share for the quarter.
The company, which operates 245 stores, expected up to a 12% decline in same-store sales because of strong scooter sales last year.
“We were in fact tracking well above this level until Sept. 11,” said Michael Anthony, CEO, in a statement. “After this date we experienced a significant reduction in sales, particularly in our airport and tourist locations.”
However, Brookstone has made “substantial progress in aligning inventory with sales,” and expects a stronger fourth quarter, Anthony continued.
He added that the firm will “end the year with no debt, approximately $25 million to $20 million of cash, and a book value of approximately $109 million or $13 per share.”
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