US: Destination Maternity's rating boosted by Moody's
Moody's Investors Service has today revised Destination Maternity Corporation's ratings outlook to positive from stable, after strong Q3 results last month.
Moody's said the outlook change to positive reflected its expectation for sustained profitability and credit metric improvement over the near-to-intermediate term.
It also expects increased sales stemming from the company's announced leased department expansion with Macy's set to begin in February 2011, and continued good liquidity.
A note by the analyst said: "Destination Maternity's profitability and credit metrics have improved over the past two years due to significant cost savings initiatives, improved merchandise margins and sales growth from leased department relationships, as well as increased internet and international sales, all of which have helped offset the impact of declining same store sales.
"The company has also used free cash flow to significantly reduce debt. Moody's believes that continued focus on cost control and positive free cash flow, when coupled with the expanded leased departments relationship with Macy's, could lead to further sustained improvement over the near-to-intermediate-term."
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