Coldwater Creek Announces Third Quarter EPS of $(0.12)

Coldwater Creek Inc. CWTR today reported financial results for the three- and nine-month periods ended October 30, 2010.

Third Quarter 2010 Operating Results

• Net sales were $232.4 million, compared with $266.7 million in the fiscal 2009 third quarter.
• Gross profit for the fiscal 2010 third quarter was $70.9 million, or 30.5 percent of net sales, compared with $97.1 million, or 36.4 percent of net sales, for the fiscal 2009 third quarter. 
• Selling, general and administrative expenses ("SG&A") for the fiscal 2010 third quarter were $85.4 million, or 36.8 percent of net sales, compared with $108.2 million, or 40.6 percent of net sales, for the fiscal 2009 third quarter.
• Net loss for the three-month period was $10.9 million, or $0.12 per share, compared with a net loss of $34.0 million, or $0.37 per share, for the three-month period ended October 31, 2009. 
• Results in the third quarter of fiscal 2010 include approximately $0.9 million after tax, or $0.01 per share, of certain discrete tax benefits primarily related to the change in valuation allowance, partially offset by impairments of certain technology and store related assets. For the third quarter 2009, net loss per share included approximately $0.33 per share in charges related to a valuation allowance against net deferred tax assets and separation agreement charges.