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Cost Plus loss shrinks in Q1

Oakland, Calif. - On the heels of its May 9 merger announcement with Bed Bath & Beyond Inc., Cost Plus reported results for its first quarter, which included an improved net loss as well as high single-digit increases in both sales and comps.

The 259-unit home furnishings chain reported a first quarter net loss $74,000, or $0.00 per share, compared the year ago period's $3.4 million net loss, or $0.15 per diluted share.

Sales for the three months, ended April 28, were up 7.4% to $214.6 million. Same store sales increased 7.9% due to an increase in customer count of 2.7% and a 5.0% rise in the average ticket per customer.

The company also noted that for the first time since fiscal 2004, Cost Plus achieved net income from continuing operations, and it came to $129,000 compared to a net loss from continuing operations of $3.0 million for the first quarter of last year.

As reported earlier, BBB is set to acquire Cost Plus in an all cash transaction, under a recently filed definitive agreement between both retailers. The acquisition is expected to close during Bed Bath & Beyond Inc.'s fiscal second quarter.

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