Brookstone (NASDAQ:BKST)
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Brookstone Announces First-Quarter 2005 Sales
MERRIMACK, N.H., May 5 /PRNewswire-FirstCall/ -- Product Developer and
specialty retail company Brookstone, Inc. (NASDAQ:BKST) today announced sales
for the first quarter of 2005.
Total sales for the 13-week period ended April 30, 2005 rose 3.7 percent to
$80.3 million. Same-store sales decreased 3.9 percent as compared to last
year's first-quarter same-store sales increase of 20.1 percent. Direct-
Marketing sales climbed 12.3 percent to $13.2 million on a 24.5-percent
increase in circulation.
Brookstone Chairman, President and Chief Executive Officer Michael Anthony
said: "Our first-quarter sales were at the lower end of the range of our
previously announced forecast. We were encouraged by the success of a number
of new-product introductions and pleased that our airport stores continued to
deliver strong same-store sales."
Mr. Anthony continued: "We continue to launch new and innovative products and
believe these new introductions will contribute to our Father's Day and
second-quarter performance."
Mr. Anthony continued: "In the first quarter of 2005, we opened one new
airport store, raising our airport-store count to 38. We remain on track to
open a total of approximately 20 new stores and remodel 11 stores in 2005."
Mr. Anthony concluded: "Based on our results, we believe our first- quarter
loss will be between $0.32 and $0.34 per diluted share."
Because of the seasonal nature of specialty retailing, Brookstone generally
carries a loss over the first three quarters and makes its profit for the year
in the fourth quarter.
As announced on April 15, 2005, Brookstone has signed a definitive merger
agreement to be acquired by a consortium led by OSIM International Ltd., J.W.
Childs Associates L.P. and Temasek Capital (Private) Limited. Under the terms
of the agreement, following approval by Brookstone's shareholders and the
satisfaction or waiver of other customary conditions including the receipt of
regulatory approvals at the effective time of the merger, each outstanding
share of Brookstone's common stock will be converted into the right to receive
$20.50 in cash.
Brookstone, Inc. is a product development and specialty retail company that
operates 288 Brookstone Brand stores nationwide and in Puerto Rico. Typically
located in high-traffic regional shopping malls, lifestyle centers and
airports, the stores feature unique and innovative consumer products. The
Company also operates five stores under the Gardeners Eden Brand, and a
Direct-Marketing business that consists of three catalog titles -- Brookstone,
Hard-to-Find Tools and Gardeners Eden -- as well as e-commerce web sites at
http://www.brookstone.com/ and http://www.gardenerseden.com/.
Statements in this filing (and the exhibits hereto) which are not historical
facts, including statements about the Company's confidence or expectations,
earnings, anticipated operations of its e-commerce sites and those of
third-party service providers, and other statements about the Company's
operational outlook, are forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in such forward-looking statements. Such risks and uncertainties
include, without limitation, risks of changing market conditions in the overall
economy and the retail industry, consumer demand, the effectiveness of
e-commerce technology and marketing efforts, availability of products,
availability of adequate transportation of such products, and other factors
detailed from time to time in the Company's annual and other reports filed with
the Securities and Exchange Commission ("SEC"). Words such as "estimate",
"project", "plan", "believe", "feel", "anticipate", "assume", "may", "will",
"should" and similar words and phrases may identify forward- looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date thereof. The
Company undertakes no obligations to publicly release any revisions to these
forward-looking statements or reflect events or circumstances after the date
hereof.
Statements about the expected timing, completion and effects of the proposed
merger and all other statements in this release other than historical facts,
constitute forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Readers are
cautioned not to place undue reliance on these forward-looking statements and
any such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All forward- looking
statements speak only as of the date hereof and are based on current
expectations and involve a number of assumptions, risks and uncertainties that
could cause the actual results to differ materially from such forward-looking
statements. The Company may not be able to complete the proposed merger on the
terms described herein or other acceptable terms or at all because of a number
of factors, including the failure to obtain shareholder approval, the failure
of financing or the failure to satisfy the other closing conditions. These
factors, and other factors that may affect the business or financial results of
the Company are described in the Company's filings with the SEC.
CONTACT:
Philip Roizin
EVP of Finance and Administration
(603) 880-9500
Robert Fusco
Investor Relations
(603) 880-9500
DATASOURCE: Brookstone, Inc.
CONTACT: Philip Roizin, EVP of Finance and Administration, +1-603-880-
9500, or Robert Fusco, Investor Relations, +1-603-880-9500, both of
Brookstone, Inc.
Web site: http://www.brookstone.com/