US: Destination Maternity reports Q1 profit rise
- Q1 profit rises 11% to $4.3m
- Sales down 0.3% to $134.8m
- Comparable store sales up 0.7%
Destination Maternity has booked an 11% increase in first-quarter net profit, despite lower sales in what the company described as a difficult retail environment.
The US maternity wear retailer today (30 January) said net income reached US$4.3m for the three months to 31 December, compared to $3.8m in the same period of the prior year.
Sales, however, came in below company expectations by slipping 0.3% to $134.8m from $135.3m, after efforts to close underperforming stores offset a 0.7% comparable store sales increase.
CEO Ed Krell said: "Our sales for the quarter were somewhat weaker than planned, reflecting the continued challenging overall economic environment which affected many retailers in the recent holiday shopping season.
"Although our sales for the quarter were slightly below the low end of our expected sales range, it represents our sixth consecutive quarter of achieving a comparable sales increase, showing the continued progress we have made with our sales initiatives, while maintaining strong operational and expense discipline."
Destination Maternity expects full-year earnings per share to range from $1.61 to $1.79, compared to $1.78 in 2013.
Sales are expected to reach $539-$550m, up on last year's $540.3m, while comparable store sales are forecast to increase between 1% and 3%.
Destination Maternity Corporation (DMC) is a specialty designer and retailer of maternity clothing. The company's stores offer tops, bottoms, lingerie, coats, swimwear, active-wear, sportswear and bea...
Destination Maternity Corporation has said it is working to "aggressively" manage its inventory and become more customer-focused and product-centric, after swinging to a loss in the fourth quarter....
This report analyzes the worldwide markets for Women's and Girls' Clothing in US$ Million by the following Product Segments: Women's and Girls' Dresses, Women's and Girls' Suits & Coats, Women's and G...
- Why should brands care about China cotton?
- New Gap CEO set to tackle “aesthetic issue”
- Low labour cost countries linked to highest risks
- China cotton: implications and opportunities
- Falling euro adds to Bangladesh production woes
- M&S Asia head quits as China stores to close
- Gap names new design head amid mixed Q4
- JC Penney share price falls on Q4 loss
- Pay rise mulled for Sri Lanka garment workers
- US labour concerns at Honduras apparel makers
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Outdoor performance apparel: peaks, valleys, and green fields
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Global market review of swimwear - forecasts to 2019