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Destination Maternity Non-GAAP EPS surges 14% in Q1 FY’14

January 31, 2014 (United States Of America)

Destination Maternity Corporation, the world's leading maternity apparel retailer, announced operating results for the first quarter of fiscal 2014, which ended December 31, 2013. 

The Company's diluted earnings per share for its first quarter fiscal 2014 increased 6.9% compared to the prior year, and were in the lower half of its November 21, 2013 earnings guidance range. 

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.20 per share payable March 28, 2014, representing an increase of 6.7% compared to the Company's previous quarterly dividend amount.

First Quarter Fiscal 2014 Financial Results

GAAP net income for the first quarter of fiscal 2014 was $4.3 million, an increase of 11% compared to GAAP net income of $3.8 million for the first quarter of fiscal 2013.  GAAP diluted earnings per share for the first quarter of fiscal 2014 was $0.31, an increase of 6.9% compared to $0.29 for the first quarter of fiscal 2013.

GAAP net income for the first quarter of fiscal 2014 includes other charges of approximately $0.2 million, net of tax, or $0.02 per diluted share, related to the Company's planned relocations of its headquarters and distribution facilities.  Non-GAAP Adjusted diluted earnings per share, which is presented in the financial tables at the end of this press release and excludes these charges, was $0.33 for the first quarter of fiscal 2014, a 14% increase compared to $0.29 for the first quarter of fiscal 2013, and within the Company's prior guidance range of $0.31-$0.36 per share.

Adjusted EBITDA was $11.4 million for the first quarter of fiscal 2014, a 5.9% increase compared to the $10.7 million of Adjusted EBITDA for the first quarter of fiscal 2013.  Adjusted EBITDA before other charges was $11.5 million for the first quarter of fiscal 2014, a 6.9% increase compared to the $10.7 million of Adjusted EBITDA before other charges for the first quarter of fiscal 2013.

Net sales for the first quarter of fiscal 2014 decreased 0.3% to $134.8 million from $135.3 million for the first quarter of fiscal 2013.  The slight decrease in sales for the first quarter of fiscal 2014 compared to fiscal 2013 resulted primarily from decreased sales related to the Company's continued efforts to close underperforming stores, substantially offset by an increase in comparable sales.  The net sales of $134.8 million for the first quarter were slightly below the low end of the Company's guidance range of $135 to $139 million provided in November 2013.

Comparable sales for the first quarter of fiscal 2014 increased 0.7% compared to a comparable sales increase of 1.9% for the first quarter of fiscal 2013.  The comparable sales increase of 0.7% for the first quarter of fiscal 2014 was slightly below the low end of the Company's guidance range for a comparable sales increase of between 1.0% and 4.0%. 

Adjusting for the calendar timing shift, the Company's calendar-adjusted comparable sales increased 1.1% for the first quarter of fiscal 2014 and increased 3.6% for the first quarter of fiscal 2013.  The Company's Internet sales increased 4.8% for the first quarter of fiscal 2014 on a reported basis, on top of an 18% increase in the first quarter of fiscal 2013.

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Destination Maternity
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