Brookstone Reports 20% Increase in Q1 Same-Store Sales, Raises Q1 and FY Earnings Forecast
May 06 2004 - 7:00AM
PR Newswire (US)
Brookstone Reports 20% Increase in Q1 Same-Store Sales, Raises Q1
and FY Earnings Forecast NASHUA, N.H., May 6 /PRNewswire-FirstCall/
-- Specialty retailer Brookstone, Inc. today reported that
same-store sales for the first quarter of 2004 surged 20.1 percent.
Based on the strong performance, the Company raised its earnings
projections for the quarter and the year. For the 13-week period
ended May 1, 2004, total sales climbed 27.1 percent to $77.5
million, compared to $61.0 million in the first quarter of 2003,
while Direct Marketing sales rose 16.4 percent to $11.8 million.
"We are extremely pleased with our first quarter performance," said
Brookstone Chairman, President and Chief Executive Officer Michael
Anthony. "We experienced sales increases in a broad range of
categories with particular strength in the Personal Care, Home
Comfort, Massage and Travel categories as a result of new products
introduced in the back half of last year and the first quarter of
this year. Additionally, we saw great strength in our airport
locations, which generated same-store sales increases above our
overall Company average." Mr. Anthony continued: "In the first
quarter of 2004, we opened three new stores in our award-winning
new store design and are on track to open a total of approximately
20 new stores and remodel 10 to 13 stores for the year." Mr.
Anthony concluded: "We are very encouraged by our strong
first-quarter results, and while it is still early in 2004, we
believe we are well-positioned to deliver another year of record
sales and profitability. We expect to narrow our first-quarter loss
to between $0.23 and $0.24 per diluted share, as compared to our
previous guidance of between $0.27 and $0.30 per diluted share and
last year's first quarters loss of $0.33 per diluted share. For the
year, we anticipate earnings will increase approximately 25 percent
to between $1.07 and $1.10 per diluted share, as compared to our
previous guidance of between $1.02 and $1.05 per diluted share and
last year's $0.87 per diluted share." All earnings per share data
has been restated to reflect the three-for-two stock split that was
effective on April 26, 2004. The Company has adopted FIN 46R
(Consolidation of Variable Interest Entities). As a result of this
adoption, total sales for the Company increased incrementally by
1.7 percent. Because of the seasonal nature of specialty retailing,
Brookstone generally carries a loss over the first three quarters
and makes its profit for the year in the fourth quarter.
Brookstone, Inc. is a specialty retailer that operates 273
Brookstone Brand stores nationwide and in Puerto Rico. Typically
located in high-traffic regional shopping malls and airports, the
stores feature unique and innovative consumer products. The Company
also operates three stores under the Gardeners Eden Brand, and a
direct marketing business that consists of three catalogs titles --
Brookstone, Hard-to-Find Tools and Gardeners Eden -- as well as e-
commerce web sites at http://www.brookstone.com/ and
http://www.gardenerseden.com/. Statements made available on this
conference call and web cast which are not historical facts,
including statements about the Company's confidence or
expectations, earnings, anticipated operations of its e-commerce
sites and those of third-party service providers, and other
statements about the Company's operational outlook, are
forward-looking statements subject to risks and uncertainties that
could cause actual results to differ materially from those set
forth in such forward-looking statements. Such risks and
uncertainties include, without limitation, risks of changing market
conditions in the overall economy and the retail industry, consumer
demand, the effectiveness of e-commerce technology and marketing
efforts, availability of products, availability of adequate
transportation of such products, and other factors detailed from
time to time in the Company's annual and other reports filed with
the Securities and Exchange Commission. Words such as "estimate",
"project", "plan", "believe", "feel", "anticipate", "assume",
"may", "will", "should" and similar words and phrases may identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date thereof. The Company undertakes no obligations
to publicly release any revisions to these forward-looking
statements or reflect events or circumstances after the date
hereof. CONTACT: Philip Roizin EVP of Finance and Administration
(603) 880-9500 Robert Fusco Investor Relations (603) 880-9500
DATASOURCE: Brookstone, Inc. CONTACT: Philip Roizin, EVP of Finance
and Administration, +1-603-880-9500, or Robert Fusco, Investor
Relations, +1-603-880-9500, both of Brookstone Web site:
http://www.brookstone.com/ http://www.gardenerseden.com/
Copyright
Brookstone (NASDAQ:BKST)
Historical Stock Chart
From May 2024 to Jun 2024
Brookstone (NASDAQ:BKST)
Historical Stock Chart
From Jun 2023 to Jun 2024