Coldwater Creek (Sandpoint, Idaho) announced for the fourth quarter of fiscal 2008, the company’s same-store sales dropped 22 percent.
During the fourth quarter, the company continued to tightly control costs, resulting in over a $20 million decline in SG&A expenses, ahead of expectations. Premium retail store inventory per square foot, including retail inventory in the distribution center, decreased approximately 12 percent in the fourth quarter.
“We expect a continued challenging macroeconomic environment and therefore remain focused on the variables we can control, such as elevating the product assortment, enhancing the customer experience, reducing expenses, and strengthening the balance sheet,” says Daniel Griesemer, president and ceo. “We are pleased with our brand direction and are confident that we are taking the right steps to position our company to be an even stronger organization when consumer spending improves.”
Founded in 1984, Coldwater Creek is a specialty retailer of women's apparel, gifts, jewelry, and accessories.