Home / Knowledge / News / Apparel/Garments / Destination Maternity reports 3% sales rise in Q2 FY'12
Destination Maternity reports 3% sales rise in Q2 FY'12
26
Apr '12
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced operating results for the second quarter of fiscal 2012, which ended March 31, 2012.

The Company's diluted earnings per share for its second quarter of fiscal 2012 exceeded its January 26, 2012 earnings guidance. On April 25, 2012 the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.175 per share payable June 28, 2012.

Second Quarter Fiscal 2012 Financial Results
GAAP net income for the second quarter of fiscal 2012 was $5.0 million, a decrease compared to GAAP net income of $5.6 million for the second quarter of fiscal 2011. GAAP diluted earnings per share for the second quarter of fiscal 2012 was $0.38, a decrease compared to $0.43 for the second quarter of fiscal 2011.

This second quarter fiscal 2012 GAAP earnings performance was higher than the Company's guidance, provided in its January 26, 2012 press release, of GAAP diluted earnings per share of between $0.21 and $0.31.

Non-GAAP adjusted net income (before stock-based compensation expense and loss on extinguishment of debt) for the second quarter of fiscal 2012 was $5.4 million, a decrease from the comparably adjusted non-GAAP net income of $5.9 million for the second quarter of fiscal 2011.

Non-GAAP adjusted diluted earnings per share for the second quarter of fiscal 2012 was $0.40 per share, a decrease from the comparably adjusted non-GAAP diluted earnings per share of $0.45 for the second quarter of fiscal 2011. This second quarter fiscal 2012 non-GAAP adjusted earnings performance was higher than the Company's prior guidance of non-GAAP adjusted diluted earnings per share of between $0.24 and $0.34.

GAAP net income and Non-GAAP adjusted net income for the second quarter of fiscal 2011 included a reduction of state income tax expense, net of federal tax benefit, of $0.9 million, or $0.07 per share (diluted), related to settlements of uncertain income tax positions.

Adjusted EBITDA was $12.9 million for the second quarter of fiscal 2012, a 5.1% increase compared to the $12.3 million of Adjusted EBITDA for the second quarter of fiscal 2011.

Net sales for the second quarter of fiscal 2012 increased 3.0% to $137.8 million from $133.8 million for the second quarter of fiscal 2011.

The increase in sales for the second quarter of fiscal 2012 compared to fiscal 2011 resulted primarily from an increase in comparable sales and increased sales due to the expansion of the Company's maternity apparel leased department relationship with Macy's, partially offset by decreased sales related to the Company's continued efforts to close underperforming stores, and, to a much lesser extent, a decrease in sales due to the closure of all of the Company's remaining leased departments within Kmart stores during the month of October 2011.

The net sales of $137.8 million for the second quarter were slightly above the top end of the Company's guidance range of $133 to $137 million provided in January 2012.

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Destination Maternity Corporation

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