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.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...