Financial reports: REI, School Specialty, more

REI Back in Black

Outdoor gear cataloger/retailer Recreational Equipment Inc. (REI) enjoyed a 6% rise in annual sales, to $740 million from $698 million for 2000. Catalog and Web sales increased 26%, to $116 million from $92 million. Revenue from REI’s 59 stores increased 5%. As for the bottom line, Seattle-based REI posted net income of $7.5 million for 2001, a turnaround from its $11.0 million net loss the previous year.

Women First HealthCare Whittles Its Net Loss San Diego-based Women First HealthCare (Nasdaq:WFHC), a pharmaceuticals company that also mails the As We Change catalog, reported $28.4 million in net revenue, up 5% from the previous year. (As We Change sells health and wellness items geared toward perimenopausal and menopausal women.) The company also reduced its net loss significantly, to $3.4 million from $22.6 million in 2000.

Sales within the consumer business division, which includes As We Change, fell 14%, to $7.3 million. Nonetheless, the division cut its year-end loss to $381,000 for 2001, compared with a loss of $1.5 million the previous year.

School Specialty 3Q Loss Widens** Educational supplies cataloger School Specialty (Nasdaq: SCHS), whose titles include Childcraft, Sax Arts and Crafts, and Frey Scientific, reported nearly flat revenue and an increased net loss in its traditionally light third quarter. Net loss for the three months ended Jan. 26 was $8.5 million, up 44% from the $4.8 million net loss the previous third quarter. last year. Revenue for the Greenville, WI-based mailer was $104.0 million compared with $104.7 million the previous year.

Meow! Sales Skyrocket at Petmed** Pet supplies cataloger PetMed Express (OTCBB: PETS) posted net sales of $8.2 million for its fiscal third quarter, ended Dec. 31. The previous third quarter’s sales had been $1.8 million. The Pompano Beach, FL-based company also turned around the previous third quarter’s net loss; this time it reported net income of $353,000.

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