Danier Leather Inc announced record results for the year ended June 30, 2001. For the 53-week year ended June 30, 2001, net earnings increased 13 per cent to $12.1m, or $1.75 per basic share ($1.73 per share fully diluted), compared to $10.7m, or $1.48 per basic and fully diluted share for the 52-week year ended June 24, 2000.

Basic and fully diluted earnings per share increased by 18 per cent and 17 per cent, respectively, due to higher earnings and shares repurchased under the normal course issuer bid.

Earnings before interest, taxes, and depreciation and amortization, (EBITDA) increased 13 per cent to $25.5m compared to $22.6m last year. Danier's EBITDA to sales ratio of 15.4 per cent ranks number one for Canadian publicly traded specialty apparel retailers for the third year in a row and also ranks among the top publicly traded US specialty apparel retailers.

Revenue for the 53-week year ended June 30, 2001, increased 16 per cent to $165.4m compared to $143m, for the 52-week period last year. Comparable stores sales increased eight per cent. This marks the fourth consecutive year of comparable store sales increases.

The gross margin rate for the year ended June 30, 2001 was 49.9 per cent compared to 51.1 per cent for the year ended June 24, 2000. As a percentage of sales, selling, general and administrative costs decreased to 36.8 per cent for fiscal 2001 from 37.8 per cent in fiscal 2000.

Jeffrey Wortsman, president and chief executive officer said: "Danier has delivered another record year of revenue and earnings growth even in a weaker retail environment for clothing during the last half of the year. Accessory sales continued to grow rapidly increasing by almost 51 per cent and now represent 12 per cent of total company sales, compared with nine per cent last year.


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