Brookstone Slims Loss as Sales Rise in Q1
May 14, 2013,
MERRIMACK, N.H.-With sales heading in a positive direction, Brookstone shaved its first-quarter net loss from $16.7 million last year to $14.7 million this year.
Net sales in the quarter, which ended on March 30, edged up 0.6 percent to $89.6 million, including a pickup of 2.1 percent in comparable sales across all channels. Brookstone made its biggest sales gains in its e-commerce channel, with an increase of 12.8 percent, and in its alternative-distribution channel (which includes its wholesale business), which registered a pickup of 24 percent. Sales in the retail channel were down 4.2 percent, with a same-store sales drop of 1.2 percent.
Gross margin finished down 218 basis points at 20.5 percent. Selling, general and administrative expenses decreased by 10.9 percent in dollars and 411 basis points as a percentage of sales, to 31.8 percent.
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