Cost Plus narrows losses in Q2

Oakland, Calif. Specialty home retailer Cost Plus said late Thursday that its fiscal second-quarter loss narrowed as the company cut costs to offset lower sales of big-ticket items such as living room and dining room furniture.

Losses for the quarter ended Aug. 1 were $20.8 million, compared with $26.6 million a year ago.

Revenue fell 13% to $183.4 million. Same-store sales fell 10.9% during the quarter. The company had forecast a same-store sales decline between 9.5% and 14.5%. Reduced average-ticket sizes impacted results.

Looking ahead, Cost Plus also said Thursday it expects third-quarter losses to widen, anticipating a loss from continuing operations of $19 million to $24 million compared with a loss of $21 million in the period a year earlier.

It expects to report sales of $177 million to $186 million, down from $213 million in the quarter last year.

It expects same-store sales to fall between 6% and 11%.