Net income plunged to just $813,000 in the first quarter from $10,959,000 on 11% lower sales of $145,775,000 against $163,157,000, lapping last year’s record top and bottom line results that were driven by pent-up demand and government stimulus. Combined comps fell 13%, with store sales slipping 8% to $117.5 million, comping down 10.8%, while e-commerce was off 20% to $28.3 million. The top line increased 12% over pre-pandemic ’19 levels with a combined comp at +5.8%.
Inventories closed the quarter up 13% per square foot still affected by supply chain challenges but anniversarying depleted stocks on last year’s unexpected sales surge. ... Log in to view full article.