Eddie Bauer posts first profit since bankruptcy
15/03/2007
US-based specialty retailer of casual sportswear and accessories Eddie Bauer Holdings, Inc. has reported a profit for the first time since the company was declared bankrupt in 2005. For the fourth quarter ended December 30, net income reached $63.2 million compared with a net loss of $12.8 million in the comparable quarter of 2005. Total revenues reached $381.9 million compared with $376.4 million in the fourth quarter of 2005.
For the fiscal year, total revenues were $1,013.4 million compared with $1,059.4 million. Gross margin was $353.5 million, representing a decrease of $51.1 million and gross margin percentage for the year declined to 37%, compared with 40.4% for 2005.
According to the company, it is moving forward with its turnaround strategy and is focused on taking the steps necessary to position itself for success as an independent company, including strengthening its management team. It recently engaged a recruitment agency to lead its search for a permanent CEO, and the company is actively recruiting for other currently vacant senior and middle management positions.
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