DWR Posts $3.8 Million Loss In 1st Quarter

May 16, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2007 Contemporary retailer Design Within Reach, San Francisco, posted a net loss of $3.8 million for the first quarter of 2007 ended March 31, compared to a net loss of $4.2 million during the same period last year.

Net sales for the quarter, which include product and shipping revenue, were $43.8 million, up from $35 million in the first three months of 2006. Product sales for the quarter were $40.7 million, compared to $31.5 million in the first quarter last year.

“We are pleased with our 25 percent sales growth and ability to leverage expenses as we continue our efforts to drive our business toward profitability,” said Ray Brunner, chief executive officer. “We continue to manage our expenses and have made significant progress on improving our financial disciplines. We will now focus our efforts on improving product margin as we return to our core competency of providing high-end, design-based products to a luxury consumer.”

In its earnings release, the company said it is maintaining its 2007 guidance, and expects to achieve about $190 million in sales and break-even earnings.