Home / Knowledge / News / Apparel/Garments / Destination CEO pleased with continued progress
Destination CEO pleased with continued progress
07
Apr '11
Destination Maternity Corporation, the world's leading maternity apparel retailer, reported net sales for the month of March 2011, and announced that it expects its second quarter fiscal 2011 earnings to be near the top end of its prior earnings guidance range and to significantly exceed last year's second quarter earnings.

Net sales for the month of March decreased 0.3% to $50.5 million from $50.7 million reported for the month of March 2010.

The slight decrease in total reported sales for March 2011 compared to March 2010 resulted primarily from: (1) decreased sales from the Company's licensed wholesale relationship, with a shift in shipments from March to April driven by the later timing of Easter this year versus last year; (2) the decrease in comparable store sales, and (3) decreased sales related to the Company's continued efforts to close underperforming stores, with these three effects largely offset by increased sales due to the expansion of the Company's maternity apparel leased department relationship with Macy's

The increase in total reported sales for the second quarter of fiscal 2011 compared to the second quarter of fiscal 2010 resulted primarily from: (1) increased sales due to the expansion of the Company's maternity apparel leased department relationship with Macy's and (2) increased Internet sales, partially offset by (3) decreased sales related to the Company's continued efforts to close underperforming stores, and (4) decreased sales from the Company's licensed wholesale relationship, with a shift in shipments from March to April driven by the later timing of Easter this year versus last year.

Ed Krell, Chief Executive Officer & President of Destination Maternity, noted, "We are pleased with the continued progress we are making in improving the profitability of our business. We expect our GAAP diluted earnings per share for the second quarter to be near the top end of our prior earnings guidance range of $0.30 to $0.355 per share that we provided in our January 27, 2011 press release (after adjusting to reflect our two-for-one stock split on March 1, 2011) and to be significantly higher than last year's second quarter GAAP diluted earnings of $0.21 per share (after adjusting to reflect the two-for-one stock split).

"Our comparable store sales decrease of 0.9% for the second quarter was near the top end of our guidance range of down 0.5% to down 2.5%, provided in our January 27 press release, and our comparable store sales decrease of 4.0% for the month of March was in line with our expectations, despite being adversely affected by unusually cool weather in several regions of the United States during March, which hurt sales of Spring merchandise.

“We had planned our March comparable store sales performance to be significantly weaker than February due to: (1) the much tougher sales comparison we faced in March versus February, with March 2010 sales having benefited from seasonably warm weather after February 2010 sales were significantly hurt by severe snowstorms and significantly colder weather compared to the prior year and, to a lesser extent (2) the projected cannibalization impact of our Macy's leased department expansion, which had its first full month of operation in March.


Must ReadView All

Textiles | On 21st Aug 2017

Turkish apparel exports fall 6.11% in H1 2017

Apparel exports from Turkey declined by 6.11 per cent in the first...

Textiles | On 21st Aug 2017

Liaoning Bora picks LyondellBasell’s PP & PE tech

Liaoning Bora Petrochemical Co., Ltd has selected LyondellBasell’s...

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

August 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search