Coldwater Creek Inc. Chief Executive Dan Griesemer on Tuesday said the women's apparel retailer remains focused on improving its pants, jackets and other products to lure customers back into stores.
Griesemer made the comments, which were webcast, at the Oppenheimer & Co. Consumer Growth Conference in Boston.
The company has reported a loss for the last three quarters, as consumers have cut back on discretionary spending amid rising food and gas prices, declining home values and tightening credit markets. Women's or "missy" apparel has been among the hardest hit sectors.
Griesemer said he has been "disappointed" with recent performance and acknowledged "missteps" with product assortment. While the company does not expect an improvement in the macroeconomic environment in the near term, it is focusing on its efforts on appealing to its target market _ baby boomer women between 45 and 65 years-old, improving operational performance and managing its growth.
The company, which operates more than 300 stores, plans to open 500 to 550 stores eventually, but recently slowed its plans to open stores to 40 percent year from its previous 60- to 65-per-year target.
Griesemer said the Sandpoint, Idaho-based company will focus on its pants and jackets business, which make up nearly half of its sales, as well as its layering tops business.
"It really is all about the product, that's what's going to differentiate us," Griesemer said.
In a note accompanying the talk, moderator and Oppenheimer analyst Roxanne Meyer, who rates the company "Perform," said Coldwater Creek's "tone remains conservative, with increased optimism by the holiday season."
Shares rose 5 cents to $5 in afternoon trading.
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