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Internet sales up at Destination Maternity

23 Nov '11
5 min read

Fourth Quarter Fiscal 2011 Financial Results
• GAAP net income for the fourth quarter of fiscal 2011 was $2.7 million, a 37% decrease compared to GAAP net income of $4.3 million for the fourth quarter of fiscal 2010. GAAP diluted earnings per share for the fourth quarter of fiscal 2011 was $0.20, a 39% decrease compared to $0.33 for the fourth quarter of fiscal 2010.

This fourth quarter fiscal 2011 GAAP earnings performance was slightly higher than the low end of the Company's guidance, provided in its July 27, 2011 press release, of GAAP diluted earnings per share of between $0.18 and $0.28.

• Non-GAAP adjusted net income (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) for the fourth quarter of fiscal 2011 was $3.1 million, a 29% decrease from the comparably adjusted non-GAAP net income of $4.3 million for the fourth quarter of fiscal 2010.

Non-GAAP adjusted diluted earnings per share for the fourth quarter of fiscal 2011 was $0.23 per share, a 30% decrease from the comparably adjusted non-GAAP diluted earnings per share of $0.33 for the fourth quarter of fiscal 2010. This fourth quarter fiscal 2011 non-GAAP adjusted earnings performance was slightly higher than the low end of the Company's guidance, provided in its July 27, 2011 press release, of non-GAAP adjusted diluted earnings per share of between $0.21 and $0.31.

• Adjusted EBITDA was $8.9 million for the fourth quarter of fiscal 2011, a decrease of 25% from the $11.8 million of Adjusted EBITDA for the fourth quarter of fiscal 2010.

• Adjusted EBITDA before restructuring and other charges was $8.9 million for the fourth quarter of fiscal 2011, a decrease of 22% from the $11.4 million of Adjusted EBITDA before restructuring and other charges for the fourth quarter of fiscal 2010.

• Net sales for the fourth quarter of fiscal 2011 increased 4.2% to $129.4 million from $124.3 million for the fourth quarter of fiscal 2010. The increase in sales for the fourth quarter of fiscal 2011 compared to fiscal 2010 resulted primarily from: (1) increased sales due to the expansion of the Company's maternity apparel leased department relationship with Macy's and (2) increased Internet sales, partially offset by (3) the decrease in comparable store sales and (4) decreased sales related to the Company's continued efforts to close underperforming stores.

• Comparable retail sales for the fourth quarter of fiscal 2011 decreased 1.7% versus a comparable retail sales decrease of 0.9% for the fourth quarter of fiscal 2010. During the fourth quarter of fiscal 2011, comparable store sales decreased 4.1%, and Internet sales increased 35%. The comparable retail sales decrease of 1.7% during the fourth quarter of fiscal 2011 was within the Company's guidance range of a decrease between 0.3% and 2.8% provided in July.

We estimate that the cannibalization impact of our leased department expansion with Macy's in February 2011 hurt our fourth quarter comparable retail sales by between 1 and 2 percentage points. During the fourth quarter of fiscal 2010, comparable store sales decreased 2.3%, and Internet sales increased 26%.

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Destination Maternity Corporation

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