Right Start Gets Off to Poor Start for the Year
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Right Start Inc. saw its losses widen in its first quarter while sales fell by 8%.
The Westlake Village-based retailer of children’s products posted a net loss of $1.98 million in the quarter that ended May 3, compared with a loss of $554,000 a year earlier.
Sales in the latest quarter fell to $9.9 million, down from $10.8 million in the same period a year earlier. The sales decline was due to a $3-million drop in the company’s catalog sales in the first quarter.
Right Start operates 38 retail stores and a catalog operation.
The company also said that it sold $3 million in senior subordinated notes with warrants to purchase 475,000 shares of its common stock at $3 per share. Right Start used the funds to help pay down its revolving credit line.
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