2Q net sales up for Brookstone
Specialty lifestyle retailer and product development company Brookstone reported net sales of more than $91 million for the second quarter.
The $91.3 million results represent a 4.3 percent increase over second-quarter earnings for 2005. Year-to-date net sales of $168 million represent a 2.3 percent increase over last year’s sales of $164.3 million.
While same store sales for the first half of the year are down more than six percent, numbers rebounded some in the second quarter, increasing by one percent for the second thirteen-week period ending July 1, 2006.
Brookstone CEO Lou Mancini credited the positive performance to recent initiatives including a new product mix and sales incentive programs.
“We’re encouraged by our performance in the second quarter of 2006,” Mancini said. “Initiatives we’ve put in place are beginning to positively impact sales.”
Brookstone ended the second quarter with nearly $24 million in cash and no cash borrowings.
On Oct. 2, 2005, Brookstone Inc. became a privately held, wholly-owned subsidiary of OSIM Brookstone Holdings LP. – TRACIE STONE