SAN FRANCISCO--Sharper Image reported a loss of $22.7 million for the third quarter, on a net sales decline of nearly 35 percent.
The retailer's loss compares with the $22.1 million loss it recorded for the third quarter of 2006. Third-quarter sales totaled $67.4 million, down from the $103.3 million in net sales from last year's third quarter. Sharper Image was able to slim down its costs in the quarter; selling, general and administrative expenses were down 13 percent, while cost of goods sold fell by nearly one-third to $42.1 million.
In a Webcast following the release of these results, Steven Lightman, who became Sharper Image's president and chief executive officer in April, said the company experienced some positive results for the holiday shopping period, especially during Thanksgiving weekend, with same-store sales flat but Web site sales "positive. We still have a long way to go, but we feel have been successful in our first six months," Lightman said.