Cost Plus trims loss
Home & Textiles Today Staff -- Home Textiles Today, August 20, 2010
Oakland, Calif. - Cost Plus narrowed its loss considerably during the company's first quarter and is targeting a return to profitability in 2011.
Net loss for the quarter ended May 1 was $10.3 million, or 47 cents per share, compared to a net loss of $41.6 million, or $1.88 per share in the year-ago quarter.
Sales rose 2.7% to $189.2 million, with comps up 5.6%. In last year's 2Q, comps fell 8.9%.
In home - which accounts for 60% of the merchandise mix - sales of non-furniture categories was strong during the quarter, executives said during the company's quarterly conference call.
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