May 14, 2009
Eddie Bauer posts wider Q1 loss, shares fall
May 14, 2009
May 14 - Specialty apparel retailer Eddie Bauer Holdings Inc (EBHI.O) posted a wider first-quarter loss, hurt by lower net merchandise sales and gross margins, offsetting its cost savings initiatives.
Eddie Bauer Summer 2009
"The first quarter was a difficult one, as the sharp downturn in the economy took its toll on our sales," Chief Executive Neil Fiske said in a statement.
For the quarter ended April 4, the company posted a net loss of $44.5 million, or $1.44 a share, compared with a loss of $19.3 million, or 63 cents a share, a year ago.
Revenue fell 16 percent to $179.8 million.
Eddie Bauer, which operates 251 retail stores and 119 outlet stores at the end of the first quarter, said same-store sales fell 11.3 percent in the quarter, excluding the effect of Canadian exchange rates.
Gross margin fell to 24.5 percent from 27.6 percent, from the year-ago quarter while selling, general and administrative expenses fell by 15.4 percent.
Shares of Eddie Bauer fell to 49 cents a share in trading after the bell. They closed at $0.64 Thursday 14 May on Nasdaq.
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