OAKLAND, Calif.–Cost Plus saw its sales fall and net loss widen for the quarter ended Jan. 31.
Sales fell 3.9 percent to $354.8 million. Same store sales dropped 6.1 percent.
The net loss swelled to $18.3 million from a loss of $12.5 million in the year-ago quarter. The results included impairment charges from the reduction of inventory, layoffs and store closures.
“Our results reflect the severe economic stress that affected nearly all companies in 2008 as consumers dramatically pulled back their spending,” Barry Feld, president and chief executive officer, said in a statement. “However, Cost Plus’ ability to drive positive traffic levels in the fourth quarter gives us confidence that our strategic turnaround initiatives will withstand these extreme market conditions. Through inventory optimization, intense liquidity management and operations rationalization, we have strengthened the Cost Plus organization and are adequately funded to meet peak seasonal borrowing needs in 2009.”