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Cost Plus, Inc. Reduces Net Loss from Continuing Operations by 16.5% in the Second Quarter Compared to Last Year and Provides Outlook for the Third Quarter.

Publication: Business Wire
Publication Date: 27-AUG-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Cost Plus, Inc. Reduces Net Loss from Continuing Operations by 16.5% in the Second Quarter Compared to Last Year and Provides Outlook for the Third Quarter.(Financial report)

Article Excerpt
OAKLAND, Calif. -- Cost Plus, Inc. (NASDAQ:CPWM) today announced financial results for its second quarter ended August 1, 2009 and provided financial guidance for the third quarter of fiscal year 2009.

Second Quarter Results from Continuing Operations

Net sales for the second quarter of fiscal 2009 were $183.4 million, a 13.0% decrease from $210.7 million for the second quarter ended August 2, 2008. Same store sales for the quarter decreased 10.9% compared to an increase of 1.2% last year and were within guidance which was in the range of a decrease of 9.5% to 14.5%. The decrease in same store sales was attributable to a 7.7% reduction in the average ticket per customer primarily due to lower dining and living furniture sales and a 3.4% decline in customer count. Year-to-date, net sales were $367.6 million, a 10.9% decrease from the same period last year, while same store sales decreased 9.9% versus a 0.9% increase for the same period last year.

Gross profit margin as a percentage of net sales was 26.2% for the second quarter of fiscal 2009 versus 27.0% last year. The 80 basis point decline was entirely due...

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