Coldwater Creek reported sizable increases in sales and profit income for both its 2002 fiscal year and fourth quarter.
The Sandpoint, ID-based cataloger posted revenue of $114.5 million during the fourth quarter, compared with the same two-month period during the prior year (the company recently moved the end of its fourth quarter and fiscal year back by a month to Jan. 31).
Sales for the 11-month fiscal year increased by 8.6% to $473.2 million.
Net income rose to $1.5 million during the quarter, compared with a net loss of $1 million last year, and to $9.4 million for the year vs. $3.3 million for 2001.
In a statement, CEO Dennis Pence attributed the increases to “strong customer response during the holiday season, combined with the ongoing effectiveness of our company wide cost-control programs.”
He added that the company had effectively managed its inventory levels, “which ended the year at $59.7 million compared with $66.3 million in the prior year.”
Net sales for the company’s direct segment increased by 25.5% to $88 million during he quarter, but fell by 3.2% to $365.7 million for the year.
The firm’s e-commerce net sales increased by 35.5% to $33.4 million during the quarter, and by 12.6% to $149.8 million for the year. They constituted 31.7% of the company’s total net sales in 2002, a modest increase over 2001.
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