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Destination Maternity Q3'FY14 net sales dip 5.5% to $134mn
10
Jul '14
Destination Maternity Corporation, the world's leading maternity apparel retailer, reported sales for the third quarter of fiscal 2014 ended June 30, 2014.
 
Net sales for the third quarter of fiscal 2014 decreased 5.5% to $134.0 million from $141.9 million reported for the third quarter of fiscal 2013.  
 
The decrease in total reported sales for the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013 resulted primarily from the decrease in comparable sales and decreased sales related to the Company's continued efforts to close underperforming stores.
 
Net sales for the first nine months of fiscal 2014 decreased 4.2% to $394.9 million from $412.0 million reported for the first nine months of fiscal 2013. 
 
The decrease in total reported sales for the first nine months of fiscal 2014 compared to the first nine months of fiscal 2013 resulted primarily from the decrease in comparable sales and decreased sales related to the Company's continued efforts to close underperforming stores.
 
As previously announced on July 2, 2014, the Company has proposed a combination with Mothercare plc ("Mothercare") and is therefore subject to the provisions of the UK Takeover Code (the "Code").  Due to the requirements of the Code applicable to profit estimate disclosures (which include enhanced review procedures by the Company's independent public accountants), the Company is not currently permitted to update its 2014 profit and earnings per share guidance in accordance with its customary quarterly practice.  
 
However, as a result of the weakness in sales results reported herein, as well as weakness in gross margin due to higher than planned price promotional and markdown activity, the Company expects that its diluted and adjusted diluted earnings per share for the third fiscal quarter (ended June 30, 2014) and its operating income, adjusted EBITDA and diluted and adjusted diluted earnings per share for the full fiscal year 2014 will be below the guidance ranges provided previously and, as such, the quarterly and full fiscal year guidance provided previously is no longer valid.  
 
The Company expects it will issue earnings results for the third quarter and nine month period ended June 30, 2014 by no later than August 11, 2014 (which is the deadline for the filing of the Company's Quarterly Report on Form 10Q).
 
Click here to view full results.
 

Destination Maternity

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