Net delivered sales for the quarter ended March 31, 2010 were $147.3 million, up 5.0% from the prior year quarter. The Company’s Retail division delivered net sales of $107.1 million, increased 3.7% and the Wholesale division delivered net sales of $96.6 million, increased 9.7% from the prior year quarter. Total orders booked for the Retail division increased 18.6% while comparable design center orders were 23.7% higher than the prior year quarter.
The reported loss in the quarter was $0.9 million or a diluted loss per share of $0.03 compared with a loss the prior year quarter of $48.7 million or $1.69 per diluted share. Excluding restructuring, impairments, transition charges, and unusual income tax impacts in both periods, the current quarter loss was $1.5 million or $0.05 per diluted share compared to $13.4 million loss or $0.46 per diluted share the prior year quarter.
Nine Months Ended March 31, 2010
For the nine months ended March 31, 2010, net delivered sales totaled $426.8 million as compared to $535.6 million the prior year to date. Net delivered sales for the Company’s Retail division were $317.4 million versus $406.4 million the prior year. Wholesale net sales were $262.4 million versus $318.2 million the prior year.
The year to date loss as reported was $17.8 million or $0.61 per diluted share. This compares to the reported loss the prior year to date of $35.8 million or $1.24 per diluted share. Excluding restructuring, impairments, transition charges, and unusual income tax impacts in both periods, the diluted loss per share was $0.31 in the current year to date compared to $0.06 the prior year comparable period.
Farooq Kathwari, Chairman, President and CEO commented, "I am pleased that consolidated booked orders during the quarter ended March 31, 2010 totaled approximately $176 million and reflect a 20% increase from the depressed booked orders from the prior year quarter. Our backlogs at both retail and wholesale have substantially increased to more normal levels. The increase in orders reflects an improvement in consumer confidence and is due to the many initiatives we have taken including offering special savings from our everyday best prices. We are also pleased that during the last six months, we have added nearly 300 associates in our manufacturing and retail operations as we increase our capacity to meet the improved demand."
Mr. Kathwari continued, "The ‘Great Recession’ has provided us an opportunity to examine every aspect of our business and undertake major improvements to all aspects of our vertically integrated structure. We have also focused on improving our liquidity. Our total cash, investments, and restricted cash at March 31, 2010 was $85 million; an increase of 61% since June 30, 2009."
Mr. Kathwari further stated, "While we are gratified with the increase in booked orders during the quarter, the major progress in our initiatives, and the positive news of consumer confidence, we remain cautious as the improvement in the economy is still at an early stage with many uncertainties on the horizon."