The Bombay Company, Inc. Announces January and Fourth Quarter Results

Furniture World News

The Bombay Company, Inc. reported that total revenue for the four-week period ended January 29, 2005 decreased 2% to $37.3 million compared to $38.0 million for the four-week period ended January 31, 2004. Same store sales for stores opened more than 12 months were flat to last year. For the fourth quarter, total revenue declined 4% to $202.6 million compared to $211.6 for the comparable prior year period and same store sales decreased 8%. For the year, total revenue decreased 4% to $575.3 million from $596.4 million for the prior fiscal year and same store sales decreased 12%. James D. Carreker, Chairman and Chief Executive Officer noted, "We were pleased with January's sales results and the effectiveness of our inventory clearance activities. Same store sales were strongest earlier in the month but lost ground due to the weather conditions of the last two weekends. Our inventory clearance efforts, although more challenging to our margins than planned, were effective in clearing seasonal and holiday merchandise. We begin the year with an inventory that is much improved versus last year in terms of mix, fashion and newness. Given the margin challenges of the month, we expect earnings to be on the lower end of our prior guidance of $.19 to $.24 per share." The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 502 retail outlets, specialty catalogs and the Internet in the U.S. and internationally.