CANADA: Danier Leather Q2 profit soars 30%
- Q2 profit jumps 30.1% to CAD8.5m
- Sales climb 2% to CAD70.6m
- Same-store sales up by 6%
Second quarter profit at Danier Leather Inc has risen by nearly a third thanks to higher sales and lower markdowns at the Toronto-based leather-goods retailer.
Net earnings in the three months to 26 December jumped 30.1% to CAD8.5m (US$8.1m) or CAD1.44 per share, up from CAD6.5m or CAD1.05 per share a year earlier.
Sales for the quarter rose 2% to CAD70.6m from CAD69.1m last time, and comparable store sales were up by 6%.
Gross profit margin increased by 6.4% to 54.4% from 48.0%, which was due to a stronger Canadian dollar, reduced markdowns and improved merchandise planning and purchasing.
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