Bombay Announces December Revenue Decrease
Furniture World Magazine
The Bombay Company, Inc. reported that total revenue for the five-week period ended January 1, 2005 decreased 3% to $107.4 million from $111.2 million for the five week period ended January 3, 2004. Same store sales for stores opened more than one year declined 6%. Total revenue for the forty-eight week period ended January 1, 2005 decreased 4% to $537.9 million compared to $558.4 million for the comparable period last year. Same store sales declined 13% for the year-to-date period.
James D. Carreker, Chairman and Chief Executive Officer, noted, "Late holiday shopping and a strong value focus by our customers adversely impacted our operating margins for the period. However, we were successful in driving sales improvement versus our recent trends, and we expect to exit the holiday season and the year with a good inventory position from a dollar and mix standpoint. We were encouraged by the improving trends during the last part of the month and are especially pleased with sales of our Christmas specific merchandise."
Based upon December results, the Company expects fourth quarter earnings per share to be in the range of $.19 to $.24 per share.
The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 499 retail outlets, specialty catalogs and the Internet in the U.S. and internationally.