Bombay expects steeper loss
April 23, 2004,
FORT WORTH, Texas — The Bombay Company updated its first quarter earning guidance late yesterday, saying that it may post a greater loss than it had originally expected.
The company now expects a loss in the range of 13 cents to 16 cents per share. Previously, it had anticipated a loss at the high end of the range of 8 cents to 11 cents per share.
In a sign that headquarters reductions may be coming, he added that Bombay will recognize "unplanned senior officer severance expense" during the first quarter.
Bombay is now forecasting second quarter comps to be negative in the high single digit level vs. the prior projection of negative mid-single digit levels. Last year, same store sales were up 26 percent in second quarter vs. 25 percent for the first quarter.
Although the 465-unit company expects improvement following the first quarter, it also lowered its annual earnings per share guidance to a range of 30 cents to 35cents per share. It had previously expected earnings of 36 cents to 42 cents per share.
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