Financial Reports: Coldwater Creek, Urban Outfitters

Coldwater Posts Profit for Quarter, Year

Women’s apparel cataloger/retailer Coldwater Creek (Nasdaq: CWTR) posted a profit for the fiscal quarter and year ended Feb. 1. Because Sandpoint, ID-based Coldwater has changed its reporting schedule, its fiscal fourth quarter consisted of two months rather than three, while the fiscal year consisted of 11 months rather than 12.

Net income for the two months ended Feb. 1 was $1.5 million, a reversal of the $1.0 million net loss Coldwater posted for the comparable two-month period of last year. Net sales increased 30%, to $114.5 million from $88.3 million. Net sales from the direct segment, which includes catalogs and e-commerce and outlet stores, increased 26%, to $88.0 million from $70.1 million for the comparable period of fiscal 2001. E-commerce net sales increased 36%, to $33.4 million from $24.6 million. During the pereiod, Coldwater Creek mailed 3 million catalogs, 19% more than the previous year.

Net income for the 11 months ended Feb. 1 was $9.4 million, up 185% from $3.3 million for the comparable period of fiscal 2001. Net sales increased 9%, to $473.2 million from $435.7 million. Direct net sales decreased 3%, to $365.7 million from $377.7 million. Coldwater mailed 11% fewer catalogs, however: 136.2 million compared with 152.7 million the previous fiscal year. E-commerce net sales increased 13%, to $149.8 million from $133.0 million.

During fiscal 2003, Coldwater plans to open 23 additional retail stores, a 54% increase from its current roster of 43 stores.

Direct Sales Up for Quarter and Year at Urban Outfitters Apparel and home decor cataloger/retailer Urban Outfitters (Nasdaq: URBN) enjoyed an 83% rise in annual net income, a 21% increase in net sales, and a 28% jump in catalog and Internet sales.

For the year ended Jan. 31, the Philadelphia-based parent company of the Anthropologie and Urban Outfitters brands netted $27.4 million on $422.8 million in sales. For fiscal 2001, net income had been $15.0 million on sales of $349.0 million. Catalog and Web sales were $31.7 million, up from $24.8 million the previous year.

For the fiscal fourth quarter, net sales rose 13%, to $117.6 million. Direct sales increased 18%, to $9.4 million from $7.9 million the previous fourth quarter. Net income for the quarter increased 45%, to $8.4 million from $5.8 million.

The company also announced the introduction of the Urban Outfitters catalog. Offering a sampling of the youth-oriented apparel and home decor sold at the stores, the catalog began arriving in homes this week.

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