The Bombay Co. Inc. (Fort Worth, Texas) reported a 5 percent increase in revenue for the three months ended July 30, 2005. For the six-month period ended July 30, revenue increased 2 percent.
Same-store sales increased 1 percent for the quarter and declined 2 percent year-to-date.
Net loss for the second quarter was $9.4 million, compared to a net loss of $6.3 million a year earlier. For the six months, the net loss was $17.4 million compared to a net loss of $12.1 million a year earlier.
“This quarter began the transition to Bombay’s new in-store merchandise presentation and exciting upgrade in the assortment for fall,” said chairman and ceo James Carreker. “While the transition costs were higher than anticipated, we believe that the investment was critical to repositioning our brand for the future. We must differentiate ourselves from the competition and capitalize on the rich history of our brand that stands for classic and timeless home furnishings. Our focus is on upgrading the style and quality of our product and creating inspirational presentations to customers in our stores. We are pleased with the initial customer reaction and are cautiously optimistic about the remainder of the year.”
The home accessories specialty retailer said it anticipates opening approximately 10 stores during the third quarter, including three BombayKIDS stores in the combination format, while closing six stores. During the fourth quarter, the company expects to open 10 – 13 stores, including three to four BombayKIDS stores, and close 10 – 12 stores, ending the year with approximately 497 – 502 stores, which includes 59 or 60 BombayKIDS stores.