Coldwater Creek nets earning increase of 137% for fiscal 04

Sandpoint clothing retailer Coldwater Creek on Wednesday reported a net earnings increase of 137 percent for fiscal year 2004, which ended Jan. 31. Net earnings grew by $17 million, or 137 percent, to $29 million, compared to net income of $12 million as of Jan. 31, 2004. Net sales increased 14 percent to $590 million from $519 million in 2003.
A change in accounting in 2003 and the first three quarters of 2004 means a reduction in net income of about $200,000 and $500,000, respectively. The expected effect of this restatement through the third quarter of fiscal 2004 is a reduction in net income of about $2 million.

"Fiscal 2004 was a period in which we successfully opened 48 full-line retail stores and demonstrated the company’s ability to execute our retail expansion strategy," said Dennis Pence, chairman and chief executive officer. "At the same time, we grew earnings by more than 137 percent, increased net sales and more than doubled our operating margin compared with the prior fiscal year, while continuing to develop the infrastructure needed to further position the company as one of the premier specialty apparel retailers."

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