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Garden Botanika

This article was originally published in The Rose Sheet

Executive Summary

Sales dropped 10% to $103 mil. in FY 1998 (ended Jan. 30). The retailer attributes the decrease to a 13% decline in comparable store sales, which was partially offset by $1 mil. in revenues from annual memberships in the company's discount-based customer loyalty program. Fourth quarter sales declined 11% to $39.6 mil. Garden Botanika took a net loss in the quarter of $27 mil. compared to $2.3 mil. in the year-ago period. "The results include significant charges due to the company's decision to close unprofitable store locations" and the recognition of certain long-lived asset impairments, Garden Botanika said. The firm is in the process of closing one-third of its stores after filing for Chapter 11 protection ("The Rose Sheet" May 10, In Brief)
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