Net sales for the first quarter of fiscal 2014 decreased 0.3% to $134.8 million from $135.3 million reported for the first quarter of fiscal 2013.
The slight decrease in total reported sales for the first quarter of fiscal 2014 compared to the first quarter of fiscal 2013 resulted primarily from decreased sales related to the Company's continued efforts to close underperforming stores, substantially offset by the increase in comparable sales.
Ed Krell, Chief Executive Officer of Destination Maternity, noted, "In the first quarter of fiscal 2014, our sales were slightly weaker than planned, reflecting the continued challenging overall economic environment which affected many retailers in the recent holiday shopping season. In spite of the sluggish sales environment, we were able to achieve our sixth consecutive quarter of comparable sales increases.
“Our sales for the quarter were slightly below the low end of our expected sales range, but with our continued tight management of expenses, we expect our earnings for the first quarter to be between $0.30 and $0.31 per share, which is in the lower half of our prior earnings guidance range of $0.29 to $0.34 per share that we provided in our November 21, 2013 press release, and somewhat higher than our first quarter fiscal 2013 earnings of $0.29 per share.
“Our first quarter fiscal 2014 earnings per share are expected to include approximately $0.02 per share of other charges related to the previously announced relocation of our headquarters and distribution facilities. Excluding the other charges, our adjusted earnings per share for the first quarter are expected to be between $0.32 and $0.33 per share, compared to our previous guidance of adjusted earnings per share between $0.31 and $0.36 per share, and an increase over first quarter fiscal 2013 adjusted earnings per share of $0.29 per share.
"Our total sales of $134.8 million for the first quarter were slightly below the low end of our sales guidance range of $135 to $139 million provided in our November 21 press release, primarily due to our reported comparable sales increase of 0.7%, which was slightly below the low end of our guidance range for a comparable sales increase of between 1.0% and 4.0% for the quarter.
"We remain focused on driving improvement in our sales performance through initiatives to enhance our merchandise assortments, merchandise presentation, store environment and customer experience. Our progress in these sales-driving initiatives is evidenced by our six consecutive quarters of comparable sales increases, and we believe we are well positioned to continue to manage our business through this uncertain consumer environment, to continue to improve our sales performance, and to continue to make progress towards our key corporate goals."
Click here to read full result
Textiles | On 29th Apr 2017
The textile sector could have a uniform Goods and Services Tax (GST)...
Textiles | On 29th Apr 2017
European Union (EU) rules are needed to oblige textile and clothing...
Apparel/Garments | On 29th Apr 2017
The forecast for operating income growth in the US over the next 12...
‘There has been an increase in demand for water based inks, rather than...
Md Hanifur Rahman
The level of understanding the job role and organisational requirements...
‘Online economy has changed the whole dynamics of buying habits.’
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...
"We should not compare India and the West. There are things we do that...
Bani Batra’s couture wedding collection is inspired by traditional Indian...
Apparel/Garments | On 28th Apr 2017