Coldwater Creek Inc. (Sandpoint, Idaho) has reported a 60 percent increase in net income for the first quarter ended April 30, 2005. Net sales increased 25 percent.
Net sales from the retail segment, which includes the company’s full-line retail stores, resort stores and outlet stores, increased 48 percent. Retail segment net sales represented 53.8 percent of the company’s total net sales in the fiscal 2005 first quarter, compared with 45.4 percent in the fiscal 2004 first quarter.
The integrated multi-channel retailer of women’s apparel, jewelry, footwear, gift items and accessories opened five full-line retail stores during the fiscal 2005 first quarter, for a total of 119, compared with 71 at the end of the fiscal 2004 first quarter.
“Our very positive performance in the first quarter was primarily driven by strong full-price selling in all three channels, which contributed to higher net sales and improved earnings,” said chairman and ceo Dennis Pence. “This favorable customer response to our full-price spring merchandise, coupled with increased merchandise purchasing power related to our retail expansion, helped improve our gross profit rate by 330 basis points.”