19 October 2010

Coldwater Creek sees surprise Q3 loss; shares plunge

(Reuters) - Coldwater Creek Inc (CWTR.O) forecast a surprise quarterly loss as the women's apparel retailer's fall merchandise assortment did not fare to its expectations and its key product categories failed to satisfy customers, sending its shares down as much as 32 percent.

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For the third quarter ending Oct. 30, the company now expects to lose 14-19 cents a share, compared with its earlier estimates of a profit of 1-4 cents.

The company, which plans to report third-quarter results on Dec. 1, said it now sees sales of $225-$230 million, which reflects a fall in its comparable premium retail store sales of about 18- 21 percent.

Earlier, the company, whose larger rivals include Chico's FAS (CHS.N) and Ann Taylor Stores Corp (ANN.N), had expected a low single digit range rise in third-quarter sales, based on flat comparable premium retail store sales.

Analysts on average were expecting earnings of 3 cents a share on revenue of $278.5 million, according to Thomson Reuters I/B/E/S.

The Sandpoint, Idaho-based company's shares, which rallied by over 46 percent in the last three months, were down at $3.60 in trading after the bell. They closed at $5.36 Monday on Nasdaq.

(Reporting by Shobhana Chadha in Bangalore; Editing by Maju Samuel)

© Thomson Reuters 2012 All rights reserved.

archives Coldwater Creek

10/03/11
Coldwater Creek posts weak Q4 results, shares drop
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24/11/09
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18/11/09
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15/09/09
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14/09/09
Coldwater Creek CEO quits, chairman named new CEO
...retailer Coldwater Creek Inc said its Chief Executive Daniel Griesemer has resigned and brought back co-founder and Chairman Dennis Pence as chief executive effective immediately.
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27/08/09
Coldwater Creek posts second quarter loss
...retailer Coldwater Creek Inc posted a second-quarter loss as increased promotions and occupancy costs ate into margins, sending its shares down 5 percent.
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23/07/09
Coldwater Creek keeps second quarter loss view, sees progress
...retailer Coldwater Creek Inc said it continue to expect a second-quarter loss but sees a sequential improvement in business trends, helped by positive customer response to its summer collection.
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26/06/09
Retail consulting firm LakeWest files for bankruptcy
...N) and Coldwater Creek Inc (CWTR.O), filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Delaware. Under U.S. bankruptcy rules, Chapter 7 bankruptcies result in liquidation or a sale of assets rather than a...
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6/03/09
Apparel stores light on strategy to lure shoppers
...included Coldwater Creek (CWTR.O), Hollister and Ann Taylor. Color schemes of khaki, black and purple at Ann Taylor, or peach and periwinkle at Coldwater, showed a good use of editing and sale signs were tasteful,...
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23/01/09
Coldwater Creek cuts top managers' base pay by 15 pct
...Coldwater Creek Inc (CWTR.O) cut annual base salaries by 15 percent for its top executives including the chief executive officer and chief financial officer and some other senior managers, effective Feb. 1.
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4/12/08
US clothing stores saw Nov reprieve despite slump
...Talbots and Coldwater Creek rose 68 percent and 16 percent, respectively. Gap shares rose 2.3 percent, Charlotte Russe rose 9.6 percent and J Crew rose 10.4 percent. Even apparel retailers whose sales missed...
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25/11/08
Coldwater Creek posts narrower-than-expected Q3 loss
...retailer Coldwater Creek Inc posted a narrower-than-expected quarterly loss, helped by tighter cost saving measures. The company posted a net loss of $1.3 million or 1 cent a share, compared with a loss of $6.
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19/09/08
US retailers push one-stop shops as accessories boom
...Inc and Coldwater Creek Inc have also made deeper inroads into the category. With traffic at mall apparel stores down between 14 percent and 18 percent this year, the whole retail base is trying to sell more to...
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27/08/08
Coldwater Creek Q2 profit beats estimates
...retailer Coldwater Creek Inc posted a better-than-expected quarterly profit, helped by reduced inventory levels and lower expenses and reaffirmed its outlook for the third and fourth quarters.
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12/08/08
AnnTaylor names new president, cautious about economy
...Inc and Coldwater Creek Inc , have been especially hurt. The company said in May that the weak U.S. economy would weigh on profit in the second quarter, citing very volatile store traffic trends and signs that its...
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22/05/08
Talbots operating earnings top view, shares jump
...Inc , Coldwater Creek Inc and AnnTaylor Stores Corp . But given an easy comparison from last year and a shift in the timing of this year's Easter holiday, Meyer said in a research note that "it is too...
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