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Coldwater Earnings Double

SANDPOINT, ID-Chic clothing retailer Coldwater Creek reports a 109% increase in Q2 net income and plans 60 store openings by year-end.

By Dana Dubriwny | Updated on August 25, 2005

SANDPOINT, ID-During its second-quarter earnings call Wednesday, upscale clothier Coldwater Creek Inc. reported that it had doubled its year-over-year income by 109% to $3.6 million or 11 cents per diluted share, compared with net income of $3.3 million, or 6 cents per diluted share, for the same period last year. Net sales increased 39% to $154.6 million from $111.2 million in 2004.

“Strong sales at full-price, the continued success of our national retail store expansion and growth in the Internet channel have resulted in the most profitable second quarter in the company’s history,” said Dennis Pence, chairman and chief executive officer for Coldwater Creek.

Coldwater, which sells clothing via catalogue, Internet and branded stores, plans to boost its square footage by year-end with an additional 60 stores. In the quarter, the company opened 17 full-line retail stores during the quarter for a total of 136 full-line retail stores in operation, compared with 89 full-line retail stores at the end of 2004′s second quarter.

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