Cost Plus Sales Slip in 3Q

Oakland, Calif. Cost Plus reported net sales for its third quarter were $213.0 million, a 0.8% decrease from the $214.6 million for the third quarter ended Nov. 3, 2007.

Customer count and conversion continued to increase for the third consecutive quarter, although same-store sales decreased 3.4% due to a reduction in the average ticket, the company said.

Cost Plus reported a third-quarter loss of $22.6 million from continuing operations before interest and taxes which was in the mid-range of its guidance and which compares to a $19.2 million loss for the third quarter of last year.

Net loss from continuing operations for the third quarter of fiscal 2008 was $25.7 million compared to a net loss of $13.3 million for the third quarter of fiscal 2007, an increase in the net loss of $12.3 million. Included in the results for third quarter of fiscal 2007 is an income tax benefit of $9.2 million.

Year-to-date net sales were $645.6 million, a 3.1% increase compared to the same period last year. Same-store sales declined 0.6%, which was the result of a reduction in the average ticket, the company said.