Bombay Announces 10% Increase in November Revenue

Furniture World News

The Bombay Company, Inc. (NYSE: BBA) reported that total revenue increased 10% to $62.3 million for the four-week period ended November 29, 2003 compared to $56.9 million for the four weeks ended November 30, 2002. Same store sales for stores open more than one year increased 1% on top of last year's 17% same store sales increase. Total revenue for the forty-three week period ended November 29, 2003 increased 24% to $447.2 million compared to $361.6 million for the forty-three week period ended November 30, 2002. Same store sales increased 18% for the year-to-date period. James D. Carreker, Chairman and Chief Executive Officer, noted, "Sales for the month of November were softer than we had originally anticipated, particularly in the first half of the month. We were encouraged by the strengthening trends during the second half of the month, especially during the Thanksgiving weekend. The West Coast and Canada delivered our strongest same store sales increases with the Company experiencing a double-digit sales increase with our furniture category. Our sell-through of seasonal merchandise is also on track." "Our new store openings are very encouraging and contributed significantly to our 10% total sales growth for the month. As of Thanksgiving, we are substantially complete with our planned openings for the year. At this point, we continue to be confident in our decision to move stores to off-mall locations." "We are cautiously optimistic about December and achieving our goal of a low to mid-single digit same store sales increase. We believe that we are well positioned from an inventory standpoint to meet the Christmas demand; however, the retail environment continues to be very competitive for the shoppers' gift-giving dollar. Based on November's results, we reiterate our prior sales and earnings guidance for the fourth quarter," stated Mr. Carreker. The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 481 retail outlets, specialty catalogs and the Internet in the U.S. and internationally.