The Bombay Company, Inc. Announces Improved Second Quarter Results
PR Newswire - August 20, 1998 08:53
FORT WORTH, Texas, Aug. 20 /PRNewswire/ -- The Bombay Company, Inc. (NYSE: BBA) reported a net loss of $476,000 for the three months ended August 1, 1998 compared to a loss of $995,000 for the same period last year. On a per share basis, the loss decreased to $.01 per share from $.03 reported last year. For the six months ended August 1, 1998, the net loss was $4,357,000 or $.11 per share compared to a loss of $5,620,000 or $.15 per share last year.
Sales for the three month period ended August 1, 1998 were $82,011,000 compared to $68,743,000 for the same period last year. Same store sales for Bombay stores increased 20% for the quarter. For the six month period, sales were $150,354,000 compared to $135,974,000 for the same period last year with same store sales increasing 11% for the period.
Robert S. Jackson, Chairman and Chief Executive Officer, indicated the Company was pleased with the aggressive sales posture taken by new management during the second quarter particularly with regard to purging seasonal and discontinued product inventories while generating higher gross margin dollars.
Carmie Mehrlander, President and Chief Operating Officer, indicated that the entire sales and merchandising team is enthusiastic about our fall and Christmas product assortment and believe that the Company will remain on its plan to generate continued improvement in profitability during the second half of the year.
Jackson further noted that, to date, the Company had repurchased approximately 350,000 shares at a cost of $1.7 million under the Company's stock repurchase program announced in June. Our strong balance sheet with no debt and over $35 million in cash will continue to enable us to fund the program with no detriment to the operations.
The Bombay Company, Inc. is a specialty retailer marketing traditionally styled furniture, prints and accessories through a network of 407 Bombay Company stores in the United States and Canada.
THE BOMBAY COMPANY, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
August 1, August 2, August 1, August 2,
1998 1997 1998 1997
Net sales $82,011 $68,743 $150,354 $135,974
Costs and expenses:
Cost of sales,
buying and store
occupancy costs 60,326 49,095 112,960 101,494
Selling, general
and administrative
expenses 22,978 21,965 45,716 45,179
Interest income, net (503) (644) (1,120) (1,381)
Loss before income
taxes (790) (1,673) (7,202) (9,318)
Income tax benefit (314) (678) (2,845) (3,698)
Net loss ($476) ($995) ($4,357) ($5,620)
Basic earnings
per share ($0.01) ($0.03) ($0.11) ($0.15)
Diluted earnings
per share ($0.01) ($0.03) ($0.11) ($0.15)
Average common shares
outstanding and
dilutive potential
common shares 38,057 38,049 38,089 38,036
SOURCE The Bombay Company
/CONTACT: Elaine D. Crowley, Vice President, Finance and Treasurer of
The Bombay Company, 817-347-8200/ |
