First quarter revenues at The Walking Company climbed 15% to $37.3 million as new store openings offset a 0.5% comp sales decline. TWC, a division of Big Dog Holdings, had 41 new net stores open in Q1 versus last year.
Overall, net sales for Big Dog Holdings increased 5% to $46.4 million as the gains at TWC offset a 22% decline at the Big Dog chain due to store closings. Its board recently approved a change in the company's name to The Walking Company Holdings, Inc.
The net loss for Big Dog was $5 million, or 52 cents a share, versus a loss of $4.1 million, or 44 cents, a year ago.
On a conference call with analysts, Andrew Feshbach, president and CEO, said the company was “pretty pleased” with TWC's flattish comps given the retail environment. TWC plans to increase its private label penetration to 15% of sales this year from 10% in 2007.