Coldwater Creek Easily Beats Estimates (CWTR)

Sandpoint, Idaho based specialty women's apparel retailer Coldwater Creek, Inc. CWTR on Wednesday morning reported that it swung to a profit and beat Wall Street expectations. Coldwater Creek, Inc. (CWTR) reported 2nd quarter net income of $1.5 million, or 2 cents per share, compared with a net loss of $4.9 million, or 5 cents per share, a year earlier. The company's revenue rose to $253.5 million, up from $225.2 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 4 cents per share, on revenue of $233.38 million. The company forecast 3rd quarter earnings in the range of 1 cent to 4 cents per share. Coldwater Creek, Inc ended the previous trading day at $3.35 per share. Analysts covering the company's stock have a consensus price target of $7.00 per share. Chairman and chief executive officer Dennis Pence said, "During the second quarter, we generated our fourth consecutive quarter of positive comparable premium store sales and a 39% increase in Direct sales, while maintaining disciplined cost controls resulting in our lowest ever quarterly SG&A rate as a public company, all of which contributed to our second straight quarter of profitability. In addition, we made considerable progress toward achieving our inventory goals. Most encouraging is that the initiatives we implemented at the start of the year are bringing back a level of predictability and consistency to our business despite the challenges of the difficult economy." Read more from Benzinga's Company news.