Design Within Reach Reports 13.7 Percent Sales Decline, Loss

November 6, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 2008 San Francisco-based Design Within Reach said net sales in its third quarter declined 13.7 percent to $42.3 million, resulting in a net loss of $5.6 million. A year earlier, the company reported net income of $2.4 million.

Sales at its 68 DWR stores were down 10.2 percent. The company didn’t specify a same-store sales number, but said it had four fewer stores a year ago.

For the nine months ended Sept. 27, the company’s sales decreased 3.8 percent to $136.5 million, with a net loss of $6.4 million versus a loss of $1.9 million in the same period a year earlier.

In an announcement, the company said it had withdrawn previous sales and earnings guidance for the full year, citing “unprecedented macro-economic trends.” The company said it is focused primarily on cash flow and will take the necessary steps to reduce expenses to maintain liquidity and “achieve improved results when consumer spending increases.”