Cost Plus reports Q4 results

Oakland, Calif. Cost Plus reported that its fourth-quarter net income was $21 million, a $39 million improvement over the prior year.

Same-store sales increased 0.3% for the combined fiscal November-December holiday period, while same-store sales decreased 2.5% for the quarter due to significantly less clearance activity in January than a year ago.

Net sales for the fourth quarter ended January 30, 2010 were $320.0 million, a 4.6% decrease from the $335.4 million in net sales for the fourth quarter ended January 31, 2009.

Customer count for the fourth quarter increased 2.7%, offset by a 5.1% reduction in the average ticket per customer.

For 2009, net sales were $869.5 million, an 8.6% decrease from $950.9 million in the same period the year before. Meanwhile, same-store sales decreased 7.1% driven by a reduction in the average ticket. Customer count for fiscal 2009 was flat compared with last year.