MERRIMACK, N.H.-The third-quarter net loss for Brookstone rose to $19.2 million, from $10.4 million last year.
Net sales for the lifestyle retailer fell 24 percent, including a 17 percent drop in same-store sales. This offset the company’s efforts to cut costs, which resulted in a 19 percent downsizing of its selling, general and administrative expenses. In addition, cost of goods sold fell 19 percent in the quarter.
Analyzing these numbers in a Brookstone statement, Ron Boire, president and chief executive officer, said the company is “on track” to meet its expense-reduction goals for the year. Boire said Brookstone managed to reduce inventories by 34 percent in the third quarter.