The Bombay Company, Inc. Announces February Revenue - Same Store Sales Decline 6.5%
Furniture World News
he Bombay Company, Inc. reported that revenue for the four-week period ended February 26, 2005 decreased 2% to $34.9 million from $35.4 million for the four-week period ended February 28, 2004. Same stores sales for stores opened more than one year declined 6.5%, which was partially offset by growth from new stores. Regional same store sales varied from low double-digit declines to a low single-digit increase in Canada. Core off-mall stores continued to outperform mall-based stores.
James D. Carreker, Chairman and CEO, commented, "We believe that we are continuing to experience the softness in consumer demand that we saw during the second half of fiscal 2004. Business improved as the month continued as we introduced more new product in the stores and had an improved inventory mix versus the prior year. We are encouraged by our improving sales trends in furniture, which helped drive a higher average transaction during the period. Marketing and promotional activity will increase as the quarter progresses."
The Company expects to review the results for fourth quarter of Fiscal 2004 as well as its outlook for Fiscal 2005 during a conference call with management on Thursday, March 17, 2005 at 10:00 a.m. Central Time. Interested parties should dial 212-676-5380 ten minutes prior to start time. The call will also be broadcast live over the internet at http://www.bombaycompany.com/ . A telephone replay will be available for 72 hours beginning at noon Central Time at 800-633-8284. The access code is 21226540. A replay will also be available on the internet for 45 days on the investor relations page of the Bombay website.
The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 497 retail outlets, specialty catalogs and the internet in the U.S. and internationally.
Any statements in this press release that may be considered forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from forward- looking statements due to the risk factors discussed in the periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider.
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