Apparel retailer Coldwater Creek Inc. (CWTR.O: Quote, Profile , Research) posted a higher quarterly profit that beat its own forecast, driven by solid response to its spring merchandise and cost-control measures.
Shares of the company were up more than 12 percent at $23.47 in late electronic trade after closing at $20.90 Tuesday on the Nasdaq.
The company reported first-quarter net income of $12.0 million, or 13 cents a share, compared with $11.6 million, or 12 cents a share, a year earlier.
Net sales rose 30.7 percent to $281.3 million.
In February, Coldwater Creek had forecast first-quarter earnings of 7 cents to 9 cents a share on net sales of $260 million to $265 million.
Analysts on average expected earnings of 9 cents a share, before exceptional items, on revenue of $264.5 million, for the latest first quarter, according to Reuters Estimates.
"We added new stores and gained additional market share during the period, despite the challenging traffic-related environment which continues to impact the women's specialty apparel sector," Chief Executive Dennis Pence said in a statement.
Sales at stores open at least a year rose 7.3 percent for the three-month period ended May 5.
The company said it opened 12 premium retail stores during the first quarter |
