Cost Plus Narrows Loss in First Quarter
May 20, 2011,
OAKLAND, Calif.-Cost Plus registered a first-quarter net loss of $3.4 million, down from the $10.3 million net loss reported in last year's first quarter.
A net sales increase of 5.9 percent, which brought first-quarter net sales to $199.7 million, helped thin out the specialty retailer's red ink. The sales gain included a healthy 5.5 percent rise in same-store sales.
Barry Feld, president and CEO, said, "We continue to drive increases in traffic, conversion, and units per transaction while improving our gross margin and significantly reducing losses.