Bombay Announces March Revenue Decline

Furniture World News

The Bombay Company, Inc. reported that total revenue for the five-week period ended April 1, 2006 declined 2.1% to $45.4 million compared to $46.4 million for the five-week period ended April 2, 2005. Same store sales for stores opened more than 12 months decreased 1.7% compared to the comparable five-week period of the prior year. Revenue from non-store activity was 8.2% of the month compared to 7.4% for the same period last year. Growth in the direct-to-customer business and the international wholesale operations more than offset the decline in revenue from the Bailey Street operations, the assets of which were sold during Fiscal 2005. Current year results reflect the favorable impact of the shift in the calendar, which resulted in Easter moving from March during Fiscal 2005 to April in Fiscal 2006. For the nine-week periods ended April 1, 2006, total revenue declined 0.9% to $80.5 million compared to $81.2 for the comparable prior year period while same store sales increased 0.8%. Revenue from non-store activities was 6.6% of total revenue for the nine-week period compared to 7.6% in the corresponding period of last fiscal year. Growth in direct-to-customer and International revenue partially offset lower revenue from the Bailey Street operations, which accounted for approximately $2.3 million of revenue during the prior period last year. Sales trends improved significantly toward the back half of the month and were driven by selective promotions of certain key categories. On a relative basis, the furniture category outperformed accessories and wall decor. The average ticket and average unit retail both increased double digit while retail traffic declined. The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 486 retail outlets, specialty catalogs and the Internet in the U.S. and internationally.