US: Destination Maternity Q1 sales slide, adjusts FY guidance
Destination Maternity has booked a drop in first-quarter sales and adjusted its full-year earnings guidance to the lower end of its previous forecast.
The US maternity retailer saw sales slip to US$134.8m in the three months to the end of December, coming in at the lower end of its guidance range. This was a 0.3% drop on $135.3m reported in the prior year period.
The company blamed a comparable sales increase of 0.7%, which was also below the lower end of its guidance for an increase of between 1% to 4%. Nonetheless, it was the firm's sixth consecutive quarter of comparable sales increases, it added.
"In the first quarter of fiscal 2014, our sales were slightly weaker than planned, reflecting the continued challenging overall economic environment which affected many retailers in the recent holiday shopping season," said CEO Ed Krell.
Sales were also affected by the company's continued efforts to close underperforming stores, it added.
Destination Maternity expects its first quarter fiscal 2014 earnings to be in the lower half of its prior earnings guidance range and to be "somewhat higher" than last year's first quarter earnings, which were up 70% to $3.8m.
Destination Maternity Corporation has said it is working to "aggressively" manage its inventory and become more customer-focused and product-centric, after swinging to a loss in the fourth quarter....
Destination Maternity is to expand into Israel through an international franchise agreement with H&O Fashion Ltd, one of the country's most dominant fashion-retail chains....
- Euro decline weighs on Turkish clothing industry
- Mexico makers see rise in exports and local demand
- G-Star RAW pushes the boundaries of denim
- Supply chain mapping using the Bitcoin blockchain
- VF Corp confirms interest in Africa sourcing
- UK retailers to answer over human trafficking
- LF Corp to streamline planning and sourcing
- Clothing a top category for mass personalisation
- Euratex raises rules of origin issues in TPP talks
- New dye-sublimation printers for sportswear
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of workwear - forecasts to 2019
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects