Brookstone Inc., the Merrimack, NH-based product development and specialty retail company, announced second-quarter results improved by approximately 80% over 2003, driven by a 13.3% rise in same-store sales. Brookstone also raised its year-end earnings forecast for the second time this year.
Direct marketing sales rose 16.6% to $16.3 million as compared to last year. Same-store sales for the 13-week period climbed 13.3%, while total sales for the second quarter surged 22.2% to $98.3 million, compared to $80.5 million for the second quarter of 2003.
For the second quarter ended July 31, Brookstone narrowed its loss to $465,000, or $0.02 per diluted share, compared to previously released guidance of $0.03 to $0.04 per diluted share, and compared to the 2003 second-quarter loss of $2.3 million, or $0.12 per diluted share.
For the first six months of this year, same-store sales climbed 16.2%. Total sales for the first half of the year increased 24.3% to $175.8 million, compared to $141.4 million in the same period last year. Direct marketing sales rose 16.5% to $28.1 million, compared to $24.1 million last year. Year-to-date revenue improved 24.3%, as the net loss narrowed by 41.5% to $5.1 million, or $0.25 per diluted share, compared to $8.7 million, or $0.45 per diluted share last year.
Because of the seasonal nature of specialty retailing, Brookstone generally carries a loss through the first three quarters and makes its profit in the fourth quarter, according to the company.
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