Bombay same-store sales jump 27%
By Furniture Today Staff -- Furniture Today, February 10, 2003
Fort Worth, Texas — The Bombay Company continued to rack up sales gains in January, while comparable-store numbers stayed relatively flat for Pier 1 Imports and Havertys.
Bombay, based here, which has had a string of double-digit monthly increases, said total revenue for the four weeks ended Feb. 1 rose 33% to $33.7 million from the comparable period a year ago. Same-store sales were up 27%.
The company credited the strength of its furniture business, improved catalog marketing, the addition of new promotionally priced merchandise and an aggressive clearance strategy.
Pier 1, also based in Fort Worth, said total sales for the four-week period rose 10.3% to $117.1 million, with same-store growth of 1.1%. January started strong but softened in the middle of the month as cold weather kept shoppers home in some regions, the company said.
Atlanta-based Havertys said total sales for January rose 5.5% to $60.5 million from a year ago, but same-store sales declined 2.7%.
"January sales results continued to be soft, but were better versus the prior year than we have seen in recent months," said Clarence Smith, president and chief executive officer. Business softened in late January but picked up again in early February, he said. Gross margins continue to improve, he added.
Also reporting sales was Corte Madera, Calif.-based Restoration Hardware, which said its volume of $153.4 million for the fourth quarter ended Feb. 1 was up 6% from a year ago, with a same-store increase of 3.3%. Catalog and Internet sales jumped 26%. For the full year, sales of $398.6 million were up 9% from the previous year and same-store sales grew 6.3%.
| Retailers report January sales | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the five weeks ended Feb. 1. | |||
| Pier 1 Imports1 | $117.1 | 10.3% | 1.1% |
| Havertys | 60.5 | 5.5% | -2.7% |
| The Bombay Company1 | 33.7 | 33.0% | 27.0% |
