Cost Plus: customer count up despite comps decline

OAKLAND, Calif. Cost Plus announced that net sales for the third quarter of fiscal 2008 were $213 million, a 0.8% decrease from the $214.6 million for the third quarter ended Nov. 3, 2007. The company said that despite a same-store sales decrease of 3.4%, customer count and conversion continued to increase for the third consecutive quarter.

The company reported a third quarter 2008 loss of $22.6 million from continuing operations before interest and taxes which was in the mid-range of its guidance and which compares to a $19.2 million loss for the third quarter of last year. Included in the third quarter of fiscal 2008 results was a $1.1 million asset impairment charge for five underperforming stores.

The Company expects same-store sales to decline in the range of negative 1% to negative 6% for the fourth quarter of fiscal 2008. This is expected to result in net sales in the range of $356 million to $374 million.