Additionally, Sharper Image posted a $16.8-million loss during the quarter, while total sales declined 22% from the same year-ago period, hitting $65.8 million. The retailer has faced challenges as it air purifiers and massage chairs, which have made up a majority of its revenues over the last few years, have lost market share.
As revenues have slid, management has cut Sharper Image's advertising. The company spent $6.1 million on advertising during the quarter, down 73% from the prior-year period.
Sharper Image closed one store during the quarter, bringing its total to 186 units in 38 states. During an investor presentation earlier in the month, the company's management said it would not open any new stores in the foreseeable future.
Company executives are trying to refocus the Sharper Image stores to better emphasize gift-giving events such as graduations and Father's Day. Management is also cutting back its sales of company-generated products and concentrating more on selling third-party goods.
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