Cost Plus 1Q loss widens

OAKLAND, Calif. Cost Plus Thursday reported that net loss for the first quarter of fiscal 2007 was $11.1 million, or 50 cents per diluted share, compared to a net loss of $3.5 million, or 16 cents per diluted share, for the same period last year. On May 24, the company reported a preliminary estimated net loss of $12 million, or 54 cents per diluted share.

Net sales for the first quarter of fiscal 2007 were $207.9 million, a 2.4% decrease over the first quarter of fiscal 2006 net sales of $213 million. Comparable-store sales for the quarter decreased 8.1%, compared to a 4.3% decrease for the first quarter of 2006. The decrease in comparable-store sales was primarily the result of decreased customer traffic and a decrease in average transaction size.