SANDPOINT, Idaho, Jan. 14, 2013 (GLOBE NEWSWIRE) -- Coldwater Creek Inc. (Nasdaq:CWTR) announced today that the Company will be presenting at The 15th Annual ICR XChange Conference held at The Fontainebleau Miami Beach in Miami Beach, Florida, on Wednesday, January 16, 2013 at 1:35 p.m. Eastern Standard Time. Jill Dean, President and Chief Executive Officer, and Jim Bell, Executive Vice President, Chief Operating Officer and Chief Financial Officer, will host the presentation.
The audio portion of the presentation will be webcast live on the Investor Relations section of the Company's Web site at www.coldwatercreek.com.
The Company also announced today that it now expects to report comparable premium store sales that are essentially flat to the prior year and a loss per share of $0.70-$0.85 for the fourth quarter of fiscal 2012. This guidance continues to exclude the impact of the change in the fair value of the derivative liability and any costs associated with the CEO transition and compares to its previous guidance of a loss of $0.55-$0.65. Costs associated with the CEO transition, which occurred during the fourth quarter, are expected to be approximately $2.1 million, or $0.07 per share. The Company's updated guidance compares to a net loss per share of $0.42 in the fiscal fourth quarter of 2011, which included a $0.39 benefit related to gift card breakage income and an $0.08 non-cash impairment charge related to underperforming stores.
"We experienced strong sales during peak holiday selling periods, highlighted by record Black Friday/Cyber Monday weekend performance, and favorable overall customer response to our holiday collections. However, our holiday results were negatively impacted by weak traffic in both early November and early December. In response to what we believe are largely macro-economic issues impacting our customers' shopping behavior, we were more promotional than we originally anticipated, lowering our margins, but enabling us to move through our holiday inventory. As a result, we now expect to end the quarter with total inventory down in the mid- to high-single digits," said Jill Dean, President and Chief Executive Officer. "As we move into fiscal 2013, we are confident that we have the right initiatives in place to build upon the foundation we established in 2012, which we believe will allow us to generate further improvements in our financial performance."
The Company plans to report operating results for the fourth quarter and fiscal 2012 year on March 13, 2013.
About Coldwater Creek
Coldwater Creek is a leading specialty retailer committed to being the fashion informed style advocate for the 50 year old woman. The Company was founded in 1984 in Sandpoint, Idaho, and sells its merchandise through premium retail stores across the country, online, and through its mobile applications.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release contains "forward-looking statements" within the meaning of the securities laws, including statements about the effect of our strategic initiatives on our future financial results and, with respect to the fourth quarter of fiscal 2012, expectations about comparable premium stores sales, costs associated with the CEO transition, net loss per share, and inventory. These statements are based on management's current expectations and are subject to a number of uncertainties, risks and assumptions that may not fully materialize or may prove incorrect. As a result, our actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to:
and such other factors as are discussed in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. We do not assume any obligation to publicly release any revisions to forward-looking statements to reflect events or changes in our expectations after the date of this release.
CONTACT: Lyn Walther Divisional Vice President, Investor Relations 208-265-7005