Direct Sales Slide at Coldwater Creek

Fourth-quarter sales for women’s apparel merchant Coldwater Creek fell 18%, to $283.2 million, down from $345.5 in the fourth quarter of 2007. Same-store sales declined 21.4%. Direct sales dropped 30%, to $83.5 million, down from $119.3 million. Coldwater Creek’s net loss was $18.6 million, compared to a net loss of $17.0 million last year.

For the fiscal year ended Jan. 31, 2009, sales slipped to $1.02 million, from $1.15 million. Coldwater’s direct sales decreased 27.4%, to $272.9 million, down from $376.4 million. Net loss for fiscal 2008 was $26.0 million, compared to a net loss of $2.5 million in fiscal 2007.

Coldwater Creek president/CEO Daniel Griesemer said in a release: “We are clearly not satisfied with our fourth-quarter and full-year sales and earnings results. While we successfully managed the controllable aspects of our business, including our expenses, inventory, and balance sheet, it was not enough to offset the overall macroeconomic environment, challenging traffic and promotional nature of the holiday season.”

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