Home / Knowledge / News / Apparel/Garments / Sales dip 5.3% at Destination Maternity in Q3 FY'12
Sales dip 5.3% at Destination Maternity in Q3 FY'12
27
Jul '12
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced operating results for the third quarter of fiscal 2012, which ended June 30, 2012. 

The Company's diluted earnings per share for its third quarter of fiscal 2012 was in line with its July 10, 2012 updated earnings guidance range of $0.51-$0.53 per share, but below the low end of its April 26, 2012 earnings guidance of $0.57 to $0.70 per share.  On July 25, 2012 the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.175 per share payable September 28, 2012.

Third Quarter Fiscal 2012 Financial Results

  • GAAP net income for the third quarter of fiscal 2012 was $6.9 million, a decrease compared to GAAP net income of $9.5 million for the third quarter of fiscal 2011. 
  • GAAP diluted earnings per share for the third quarter of fiscal 2012 was $0.52, a decrease compared to $0.72 for the third quarter of fiscal 2011. 
  • Net sales for the third quarter of fiscal 2012 decreased 5.3% to $138.8 million from $146.7 million for the third quarter of fiscal 2011.  The decrease in sales for the third quarter of fiscal 2012 compared to fiscal 2011 resulted primarily from a decrease in comparable sales, decreased sales from the Company's licensed relationship and decreased sales related to the Company's continued efforts to close underperforming stores.  The net sales of $138.8 million for the third quarter were below the low end of the Company's guidance range of $142 to $147 million provided in April 2012.
  • Comparable sales (which include Internet sales) for the third quarter of fiscal 2012 decreases 2.4% versus a comparable sales decrease of 1.6% for the third quarter of fiscal 2011.  The comparable sales decrease of 2.4% during the third quarter of fiscal 2012 was below the low end of the Company's guidance range for third quarter comparable sales of flat to up 4.0% provided in April 2012. 

The Company estimates that reported comparable sales for the third quarter of fiscal 2012 were hurt by approximately 1.0 percentage points due to a calendar shift which helped March sales at the expense of April, with April 2012 having one less Friday and Saturday compared to April 2011. 

Adjusting out this 'calendar shift' adverse impact, the Company's days-adjusted comparable sales for the third quarter was a decrease of approximately 1.4%.  The Company's Internet sales, which are included in the Company's reported comparable sales, increased 30% for the third quarter of fiscal 2012, on top of an 18% increase in the third quarter of fiscal 2011.

Must ReadView All

Textiles | On 27th Mar 2017

Himatsingka to disinvest 100% stake in Italian subsidiary

The board of directors at Indian home textiles manufacturer and...

Courtesy: Flipkart

Apparel/Garments | On 27th Mar 2017

Flipkart bags $1bn funding at lower valuation

In a new round of funding, Flipkart, one of India's biggest ecommerce ...

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search