Destination Maternity's Q1 2017 net sales fall

"Our financial results in the first quarter were challenging and below expectations. While we are disappointed in these results, we have made tangible progress in a very difficult retail environment. Notably, we successfully re-launched our new e-commerce sites with minimal disruption and strong initial performance metrics, including a 40 + per cent increase in conversion rate driving 18.8 per cent web sales growth. Working capital improvements and reduced capital expenditures allowed us to reduce our debt, net of cash, by $10.5 million year-over-year and our focus on inventory management produced modest improvements in conversion and units per transaction. As we look ahead to the remainder of the year, we continue to believe we are positioned to drive improvement in sales and profitability, and we look forward to completing our proposed merger with Orchestra-Prémaman, which we expect to provide significant synergies and resources to allow us to accelerate our turnaround," said Anthony M Romano, chief executive officer & president.

Fibre2Fashion News Desk – India