Cost Plus reports 4Q sales drop

OAKLAND, Calif. Cost Plus announced that net sales for the fourth quarter ended Jan. 31 were $354.8 million, a 3.9% decrease from the $369.3 million in net sales for the fourth quarter ended Feb. 2, 2008. Same-store sales for the quarter decreased 6.1% compared to a 3.2% decrease last year.

Net loss on a GAAP basis for the fourth quarter of fiscal 2008 was $18.3 million or 83 cents per share versus $12.5 million or 56 cents per share for the fourth quarter of fiscal 2007.

The company expects net sales for the first quarter of fiscal 2009 in the range of $179 million to $184 million, based on a same-store sales decrease in the range of 9% to 12% and inclusive of the 8 store closures in continuing operations. The company will open no new stores and close 26 stores in the first quarter of fiscal 2009 versus opening 8 new stores and closing 14 in the first quarter of fiscal 2008.

For the first quarter of fiscal 2009, the company is projecting a loss from continuing operations before interest and taxes in the range of $23 million to $25 million including the 8 store closures.