Cost Plus reduces 2Q loss, cuts back on openings

OAKLAND, Calif. Cost Plus announced that net sales for the second quarter of fiscal 2008 were $221 million, a 5.6% increase from the $209.2 million for the second quarter ended Aug. 4, 2007. Same-store sales for the quarter increased 1.2%, driven by a 3.8% increase in customer count.

The company reported a $22.1 million loss from continuing operations before interest and taxes (including $2.8 million of expense incurred to respond to an unsolicited acquisition proposal by Pier 1 Imports) compared to a $25.3 million loss in the second quarter of last year.

The company expects same-store sales in the range of negative 2% to positive 2% for the third quarter of fiscal 2008. This is expected to result in net sales in the range of $217 million to $228 million.

The company also announced that it has reduced the number of stores planned to open in fiscal 2008 from 17 to 15 and will not open any more new stores this year.