A Good Year, Quarter for Sharper Image

Mar 25, 2004 10:30 PM  By

San Francisco-based gifts and gadgets marketer Sharper Image Corp. (NasdaqNM:SHRP – news) reported hikes in sales and earnings for the fourth quarter and fiscal year ended Jan. 31.

Fourth quarter sales increased 29% to $278.4 million, from last year’s $216.5 million. Total store sales increased 33%, to $171.7 million, from $129.1 million in the prior fourth quarter; comparable store sales increased 17%. Catalog sales increased 14% to $54.9 million, up from last year’s fourth quarter of $48.0 million. Internet sales increased 34% to $43.6 million compared with last year’s fourth quarter of $32.6 million. The delivery income component of revenue increased 23% to $8.2 million from last year’s $6.6 million, and the delivery expense component of the cost of goods sold increased 15% to $9.7 million from last year’s $8.4 million. The fourth quarter earnings of $1.40 per diluted share, or $22.8 million, is an 11% increase over last year’s fourth quarter earnings of $1.26 per diluted share and a 35% increase in net earnings over last year’s fourth quarter $16.9 million.

For the fiscal year ended Jan. 31, Sharper Image’s total revenue increased 26%, to $647.5 million, from last year’s $513.8 million. Total store sales increased 29%, to $379.3 million, from $293.8 million in the prior year; comparable store sales increased 15%. Catalog sales were up 15% to $155.6 million from the last year’s $135.7 million. Internet sales increased 37% to $95.1 million, compared with last year’s $69.2 million. The fiscal year’s earnings of $1.65 per diluted share, or $25.3 million, is a 36% increase over last year’s $1.21 per diluted share and a 59% increase in net earnings over last year’s $15.9 million.