CPI Reports Sales Trends for 2011 Holiday Period
Portrait studio company CPI Corp.’s (NYSE:CPY) same-store holiday season sales were down 18 percent to $82.1 million from $100.5 million in the same period the previous year, due in part to the sagging sales of its PictureMe Portrait Studio and Sears Portrait Studio brands. Most of the company’s approximately 3,000 portrait photography studios are located in Sears (NASDAQ:SHLD) and Wal-Mart (NYSE:WMT) stores.
Same-store net sales for the company’s PictureMe Portrait Studio and Sears Portrait Studio brands fell by 18 percent from the previous year. Same-store net sales for the Kiddie Kandids studios sank 21 percent.
Sales trends have sharpened since the Company reported preliminary five-week net sales in its 2011 third quarter earnings release on December 22, 2011. Comparable same-store net sales on a POS basis in the last three weeks fell 10 percent compared with the same period in 2010, which saw declines of 11 percent, 9 percent and 15 percent for the Company’s PMPS and SPS brands and KK studio operations, respectively.
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