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Sharper Image Sales Down, Loss Up

6/27/2006 07:38:00 AM Eastern

San Francisco - Sharper Image reported on a higher loss and lower revenues for its first fiscal quarter, ended April 30.

The specialty retailer reported revenues on for the first quarter of $106.8 million, 26 percent lower than last year’s $144.9 million. The net loss for the first quarter was $12.6 million, almost three times the loss of last year’s first quarter, $4.6 million.

Total store sales for the first quarter decreased 28 percent to $56.8 million from last year’s $78.3 million. Comp-store sales were down 29 percent for the first quarter. Total catalog/direct marketing sales for the first quarter dropped 16 percent to $23.5 million from last year’s $27.9 million, while Internet sales for the quarter slipped 26 percent to $17.2 million from last year’s $23.2 million. Wholesale sales for the first quarter decreased 45 percent to $6.5 million from last year’s $11.8 million.

Sharper Image reported opened two new stores, closed one store and remodeled one existing store in the quarter.

“Improving the company’s operating performance is a work in progress, Richard Thalheimer, founder, chairman and CEO, said. “Our customers will see a real change when they walk in to our stores, and my expectation is that this will slowly but steadily improve our sales and operating trends.”

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