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.