| [June 03, 2004] |
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CORRECTING and REPLACING Sharper Image Reports May Sales Increases: Total Company Sales 18%, Total Store Sales 19%, Comparable Store Sales 1%, Catalog Sales 18%
SAN FRANCISCO --(Business Wire)-- June 3, 2004 -- Headline of release should read: Sharper Image Reports May Sales Increases: Total Company Sales 18%, Total Store Sales 19%, Comparable Store Sales 1%, Catalog Sales 18% and Internet Sales 11% (sted...Comparable Store Sales 1%, Wholesale Sales 18% and Internet Sales 11%)
The corrected release reads:
SHARPER IMAGE REPORTS MAY SALES INCREASES: TOTAL COMPANY SALES 18%, TOTAL STORE SALES 19%, COMPARABLE STORE SALES 1%, CATALOG SALES 18% AND INTERNET SALES 11%
Sharper Image Corporation (Nasdaq:SHRP) today reported sales for the month of May and the first four months of the fiscal year ending January 31, 2005.
May Sales
-- Total Company sales increase 18 percent
-- Total store sales increase 19 percent
-- Comparable store sales increase one percent
-- Catalog/direct marketing sales increase 18 percent
-- Internet sales increase 11 percent
For the calendar month ended May 31, 2004, total Company sales increased 18 percent to $51.4 million from last May's $43.7 million; the May 2003 increase was 26 percent. Total store sales increased 19 percent to $30.3 million from last May's $25.5 million. Comparable store sales increased one percent; the May 2003 comparable store sales increase was 18 percent. Total catalog/direct marketing sales increased 18 percent to $13.8 million from last May's $11.7 million; the May 2003 increase was 16 percent. Internet sales increased 11 percent to $7.3 million from last May's $6.5 million; the May 2003 increase was 35 percent.
Year-to-Date Sales
-- Total Company sales increase 30 percent
-- Total store sales increase 24 percent
-- Comparable store sales increase six percent
-- Catalog/direct marketing sales increase 34 percent
-- Internet sales increase 45 percent
For the four months ending May 31, 2004, total Company sales increased 30 percent to $204.1 million from last year's $157.2 million; the 2003 year-to-date increase was 25 percent. Total store sales increased 24 percent to $111.7 million from $90.3 million in the prior year. Comparable store sales increased six percent; the 2003 year-to-date same-store sales increase was 17 per cent. Total catalog/direct marketing sales increased 34 percent to $58.9 million from last year's $43.8 million; the 2003 year-to-date increase was 10 percent. Internet sales increased 45 percent to $33.5 million from last years $23.1 million; the 2003 year-to-date increase was 39 percent.
Operational Discussion
"Our solid May sales results were in line with our expectations," said Richard Thalheimer, founder, chairman and chief executive officer. "We're pleased to have posted such significant increases over the prior May's large gains. Total Company sales were up 18 percent on top of 2003's 26 percent gain; catalog/direct marketing sales (which includes TV infomercial) were up 18 percent on top of 16 percent; Internet sales were up 11 percent against a solid 35 percent increase," noted Mr. Thalheimer. "Double-digit gains this year on top of last year's double-digit gains is impressive, in any economic environment. And May's comparable store sales increase of one percent was against the prior year's substantial 18 percent comparable store increase.
"The new Sharper Image stores opened within the last 12 months are performing extremely well," said Mr. Thalheimer. "They have proven to be successful very quickly and have, on average, made a positive contribution by their first quarter of operation. This May, we opened one new store, at Smith Haven Mall, Lake Grove, New York. We should achieve our goal of 15 to 20 percent new store unit growth, with an expectation of 26 stores opened during this fiscal year," Mr. Thalheimer stated.
"Sales volume and growth in new stores, and in all channels, continues to be comprised mainly of Sharper Image Design proprietary and Sharper Image brand products; these exclusive products account for more than 70 percent of our sales," Mr. Thalheimer said. "Sharper Image brand merchandise has proven to be widely appealing to an ever-growing consumer base, across a diverse range of products for the home, office, travel, play and personal care, and at prices that represent an excellent value to the customer," Mr. Thalheimer concluded.
Sharper Image is a specialty retailer that is nationally and internationally renowned as a leading source of new, innovative, high-quality products that make life better and more enjoyable. A significant and growing proportion of sales are of proprietary products created by the Company's product development group, Sharper Image Design. The Company's principal selling channels include 155 Sharper Image specialty stores throughout the United States; the award-winning Sharper Image monthly catalog with annual circulation in excess of 85 million; and its primary Website, www.sharperimage.com. The Company also sells its products through its own online auction Website and an online Outlet store to help manage refurbished and close-out inventory; both sites are accessed from the home page of sharperimage.com. The Company also has business-to-business sales teams for marketing its exclusive and proprietary products for corporate incentive and reward programs and for wholesale to selected U.S. and international retailers.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current plans, expectations, estimates, and projections about the specialty retail industry and management's beliefs about our future performance. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" or variations of such words and similar expressions are intended to identify such forwarding-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and which may cause our actual results and performance to differ materially from those expressed or forecasted in any such forward-looking statements. These risks and uncertainties are discussed in our Annual Report on Form 10-K under "Factors Affecting Future Operating Results" and include our ability to continue to find or develop and to offer attractive merchandise to our customers, changes in business and economic conditions, risks associated with the expansion of our retail store, catalog and Internet operations, and changes in the competitive environment in which we operate. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements. However, readers should carefully review the statements set forth in the reports, which we file from time to time with the Securities and Exchange Commission, particularly our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K.
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