US: Destination Maternity increases Q4 profit
- Q4 net profit rises 9% to US$5.6m
- Net sales down 0.2% to $128.3m
- Comparable store sales up 1.4%
Destination Maternity increased its fourth-quarter profit despite a slight fall in the company’s net sales in the three months to 30 September.
The US maternity retailer said the 0.2% sales decline was related to its decision to close under-performing stores, as well as the closure of all remaining leased departments within Babies ‘R’ Us stores.
Meanwhile, comparable store sales were up 1.4% and internet sales surged up 18%, the company said yesterday (21 November).
CEO Ed Krell said it had made “strong progress” during the quarter and added: “We increased earnings significantly, achieved record earnings, and generated positive comparable sales results in a challenging overall economic environment.”
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Destination Maternity has blamed adverse weather and challenging economic conditions for a 45.8% decline in second-quarter profit....
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