Brookstone Announces First Quarter 2011 Financial Results
MERRIMACK, N.H., May 17, 2011 /PRNewswire/ -- Innovative product development company and specialty lifestyle retailer Brookstone, Inc. today announced financial results for the first quarter ended April 2, 2011.
For the 13-week period ended April 2, 2011, Brookstone reported total net sales of $80.1 million, a 14.9% increase from the comparable 13-week period of 2010. Same-store sales increased 10.2% as compared to the comparable 13-week period last year.
For the 13-week period ended April 2, 2011, Brookstone reported a loss from operations of $14.4 million, compared to a loss from operations of $17.0 million for the comparable 13-week period last year.
Ron Boire, Brookstone President and Chief Executive Officer, said, "We are encouraged by the improving results in both segments of our business. For our retail stores, the first quarter of 2011 marks our sixth consecutive quarter of same-store sales increases, while the direct segment has generated increased sales in the internet and wholesale divisions. This positive trend reflects an expanding product assortment in our direct segment and improved selling efforts in our retail stores. We believe that Brookstone is well-positioned for the remainder of 2011."
Brookstone, Inc. is an innovative product development and specialty lifestyle retail company that operates approximately 300 Brookstone Brand stores nationwide and in Puerto Rico. Typically located in high-traffic regional shopping malls and airports, the stores feature unique and innovative consumer products. The Company also operates a Direct Marketing business that includes the Brookstone catalog and an e-commerce website at http://www.brookstone.com.
Brookstone is principally owned by three sponsors, Osim International, J.W. Childs, and Temasek Holdings. In accordance with the terms governing its publicly-held debt, the Company issues quarterly and annual reports under SEC guidelines.
Statements in this release which are not historical facts, including statements about the Company's confidence or expectations, earnings, anticipated operations of its e-commerce sites and those of third-party service providers, and other statements about the Company's operational outlook are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 ("Reform Act") and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in such forward-looking statements. Such risks and uncertainties include, without limitation, risks of changing market conditions in the overall economy and the retail industry, consumer demand, the effectiveness of e-commerce technology and marketing efforts, availability of products, availability of adequate transportation of such products, and other factors detailed from time to time in the Company's annual and other reports posted to the Company's website. Words such as "estimate", "project", "plan", "believe", "feel", "anticipate", "assume", "may", "will", "should" and similar words and phrases may identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligations to publicly release any revisions to these forward-looking statements or reflect events or circumstances after the date hereof.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
April 2, 2011
January 1, 2011
April 3, 2010
Cash and cash equivalents
Total current assets
Property, plant and equipment, net
Intangible assets, net
Liabilities and Equity
Other current liabilities
Deferred income taxes
Total current liabilities
Senior Notes, at face value net of discount
Concession on 2010 Note Exchange, net
Other long-term debt
Total long-term debt
Other long-term liabilities
Deferred income taxes
Commitments and contingencies
Brookstone Shareholder's equity:
Common stock – $0.01 par value 1,000 shares
Additional paid-in capital
Accumulated other comprehensive loss
Total Brookstone Shareholder's equity
Total liabilities and equity
CONSOLIDATED STATEMENTS OF OPERATIONS
Thirteen weeks ended
April 2, 2011
April 3, 2010
Cost of sales
Selling, general and administrative expenses
Loss from operations
Interest expense, net
Loss before income taxes
Income tax provision
Consolidated net loss
Less: Net income attributable to noncontrolling interests
Net loss attributable to Brookstone
Thomas F. Moynihan
Vice President and Chief Financial Officer
SOURCE Brookstone, Inc.
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