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Ashford reports declining sales

Ashford.com saw its revenue decline in its fiscal first quarter, but narrowed its overall loss, the Houston-based company reported on Thursday. Ashford lost $14.4 million, or 28 cents per share, on $12.1 million in the quarter, which ended June 30. In the year ago quarter, Ashford lost $39.1 million on $13.1 million in sales. The luxury goods e-tailer, which spun off two recent acquisitions in the last two months to conserve cash, saw its cash decline to $4.6 million from $7.1 million at the end of March. In that same time period Ashford did manage to whittle its inventory down from $24.1 million at the end of March to $18.4 million at the end of June. As part of its effort to decrease inventory, Ashford began to liquidate its inventory on eBay in late June.

Ashford.com saw its revenue decline in its fiscal first quarter, but narrowed its overall loss, the Houston-based company reported on Thursday. Ashford lost $14.4 million, or 28 cents per share, on $12.1 million in the quarter, which ended June 30. In the year ago quarter, Ashford lost $39.1 million on $13.1 million in sales.

The luxury goods e-tailer, which spun off two recent acquisitions in the last two months to conserve cash, saw its cash decline to $4.6 million from $7.1 million at the end of March. In that same time period Ashford did manage to whittle its inventory down from $24.1 million at the end of March to $18.4 million at the end of June. As part of its effort to decrease inventory, Ashford began to liquidate its inventory on eBay in late June.