Cost Plus Q4 loss widens on charges, declining same-store sales

Oakland, Calif. Cost Plus said Thursday its fourth-quarter loss widened due to a decline in sales and hefty charges for work-force reductions and store closures.

For the quarter ended Jan. 31, the company reported a loss of $18.3 million, compared with a loss of $12.5 million in the prior-year period.

The results included impairment charges related to inventory reduction, layoffs and store closures. The company closed 26 stores in the period.

Revenue fell 4% to $354.8 million from $369.3 million, but topped analysts' $346.6 million estimate.

Same-store sales fell 6.1%.

For the year, the company posted a loss of $102.7 million, compared with a loss of $55.5 million in 2007. Revenue rose to $1 billion, from $995.7 million.