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Coldwater Creek Outlet Stores Inc history
Coldwater Creek Outlet Stores Inc company history timeline
Pence and his wife, Ann, who had been a copy director for Macy's California, decided to flee New York City in 1983 and start a business they could run from a pristine rural location.
Northcountry, the company's first four-color catalog, debuted in 1985.
The company made its first profit in 1986; at the time, the company had less than ten employees.
In 1991, profits were $1.6 million on revenues of approximately $11 million.
In addition to the equipment upgrades, new executive personnel were hired in 1992 to provide adequate administrative structure to the fast-growing company.
First introduced in the fall of 1993, Spirit of the West thrived in its niche of premium women's clothing and jewelry.
To win a younger audience, Ecosong, first mailed in fall 1994, offered lower priced gifts than Northcountry, most between $10 and $50.
The Coldwater Creek Credit Card, also introduced in 1994, helped maintain the company's customer relationships.
Coldwater Creek built a retail store in 1995, converted from an entire two-story downtown shopping mall, perched atop a covered bridge.
Total sales were $75.9 million in 1995, producing earnings of $5.6 million.
In the fall of 1996, Smithsonian Magazine and The New Yorker ran advertisements supporting a national campaign to build the Coldwater Creek name, particularly to support its private label apparel and store sales.
Another way the company attempted to establish its name as a national brand on par with L.L. Bean was through its initial public offering (IPO) in January 1997, which raised $37.5 million.
In July 1999, the company began selling its full line—15,000 stockkeeping units—through its web site, www.coldwatercreek.com.
The company's first full-line retail store opened in November 1999.
An unexpected profit warning hammered Coldwater Creek's share price in early 2001, slashing its market cap from $374 million to $212 million on one cold February day.
Miller, Paul, "Pence Retakes Coldwater Top Spot," Catalog Age, November 1, 2002.
To help cut costs in a lean environment, the Home catalog and its associated web site were shut down in 2002, with the merchandise reassigned to other catalogs, mostly Spirit of the West.
Gurchiek, Kathy, "Coldwater Creek Started in a Closet in Sandpoint, Idaho; Company Now Has 13 Million Customers," Salt Lake Tribune, September 14, 2003.
Jennifer Pratt, 34, was a longtime Coldwater Creek employee who worked for the company in Oklahoma City and Chicago before taking the position of visual manager of windows and store presentation in the Sandpoint home office in 2004.
The retail shops have grown rapidly to account for half of total sales; by the end of 2004 Coldwater Creek had 114 full-line stores with plans for dozens more.
As the economy slowly improved, Coldwater Creek invested in ways to better serve its customers, opening a design studio in New York in 2004.
Lake Pend Oreille School District enrolled 86 fewer students to start the 2014-15 school year, said district CFO Lisa Hals, who attributed 80 percent of the drop to CWC families who moved away.
From the Winter 2015 Issue
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