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We can continue to drive significant growth in earnings, DEST CEO
20
Nov '10
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced operating results for the fourth quarter and full year fiscal 2010, which ended September 30, 2010, with its fourth quarter and full year diluted earnings per share exceeding its prior earnings guidance and significantly improved from its prior year earnings results. The Company also provided guidance for fiscal 2011, reflecting strong continued projected earnings growth.

Commentary

Ed Krell, Chief Executive Officer and President of Destination Maternity Corporation, noted, "We are very pleased with the progress we made in fiscal 2010 in continuing to improve the profitability of our business, even in the face of a continued challenging sales environment. Our GAAP diluted earnings per share of $2.65 for the full year fiscal 2010 was a record for our Company, was 66% higher than last year's diluted EPS (before goodwill impairment expense) of $1.60, and exceeded the top end of our prior GAAP EPS guidance range of $2.30 to $2.45.

“Our improved earnings performance was driven primarily by the expense savings from our cost reduction initiatives and our strong merchandise gross margin performance, as well as from increases in Internet sales, sales from our leased department relationships, marketing partnership revenues, and international sales.

"As we have indicated previously, although we are pleased with our continued progress in improving the profitability of our company, by no means are we satisfied or complacent, especially with regard to our sales performance, and we are keenly focused on initiatives to drive profitable sales growth. Such initiatives over the past year have included the re-launch of our business with Sears in October 2009, the expansion into 217 additional Sears and Kmart locations in September and October 2010, the expansion of our Internet sales, the launch of international franchise arrangements in the Middle East and India, and the introduction of two exclusive maternity apparel lines with supermodel Heidi Klum.

“This focus on driving profitable sales growth continues into fiscal 2011, with the previously announced significant expansion of our maternity apparel leased department relationship with Macy's, to occur in February 2011, through which we will expand from our current 115 Macy's locations to over 615 Macy's locations throughout the United States, offering a mix of Motherhood Maternity and A Pea in the Pod branded merchandise.

“This expansion with Macy's will deepen our position as the leading maternity apparel retailer in the world. In addition, we are focused on continuing to enhance our merchandise assortments, merchandise presentation and customer experience. As part of improving the customer experience, on September 1, 2010 we instituted a new and improved return policy nationwide in all of our Destination Maternity, A Pea in the Pod, and Motherhood Maternity stores, whereby customers can now return merchandise for a full refund within thirty days of purchase, whereas our previous return policy only provided customers with a merchandise exchange or store credit within ten days of purchase."

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Destination Maternity Corporation


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