Coldwater Creek narrows Q2 loss
Sandpoint, Idaho -- Coldwater Creek Inc. narrowed its second quarter loss to $16.4 million from a year-earlier loss of $17.6 million.
Revenue was down 8.5% to $149.7 million, below the $163 million estimate from analysts. Same-store sales fell 7.3%.
President and CEO Jill Dean said sales were lower than planned in the latest period largely due to a deceleration in traffic in July.
"Our return to more consistent comparable store sales has been slower than expected; however, we know that customer engagement and driving traffic are critical to our long-term success and two recent announcements represent progress against these objectives,” Dean stated. “First, we have further strengthened our management team with the addition of Deb Cavanagh as chief marketing officer. In addition, our partnership with Alliance Data Systems provides us with an enhanced platform to drive sales and customer loyalty. We believe that these steps, combined with the extensive work we are continuing to do to align our merchandise assortment with our brand strategy, as well as our disciplined management of expenses and inventory, remain the right focus for our business."