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Destination CEO pleased with continued progress
07 Apr '11
5 min read
“Our total sales of $133.8 million for the second quarter was slightly below the low end of our sales guidance range of $134 to $137 million, even though our comparable store sales performance for the quarter was near the top end of our guidance range, due to a slower than planned ramp up of sales from our Macy's expansion, which does not dampen either our enthusiasm or our view of the sales potential for this initiative.
"In February, we completed the significant expansion of our maternity apparel leased department relationship with Macy's, increasing our relationship from 115 Macy's store locations to 631 Macy's store locations throughout the United States, offering a mix of Motherhood Maternity and A Pea in the Pod branded merchandise. We have been a proud partner with Macy's for nearly 20 years, and this expansion deepens our position as the leading maternity apparel retailer in the world."
During March 2011, the Company opened its 28th Destination Maternity Superstore, and closed seven stores, including three store closings related to Destination Maternity multi-brand store openings. As of the end of March 2011, the Company operates 672 stores, 1,703 leased department locations and 2,375 total retail locations, compared to 709 stores, 979 leased department locations and 1,688 total retail locations operated at the end of March 2010.
The increase in leased department locations at the end of March 2011 versus the end of March 2010 predominantly reflects the opening of 516 leased department locations in January and February 2011 for our Macy's expansion, and an additional 217 Sears and Kmart leased department locations in September and October 2010. For the quarter ended March 31, 2011, the Company opened three stores, including two Destination Maternity nameplate stores, and closed 21 stores, including six store closings related to Destination Maternity nameplate store openings.
"In February, we completed the significant expansion of our maternity apparel leased department relationship with Macy's, increasing our relationship from 115 Macy's store locations to 631 Macy's store locations throughout the United States, offering a mix of Motherhood Maternity and A Pea in the Pod branded merchandise. We have been a proud partner with Macy's for nearly 20 years, and this expansion deepens our position as the leading maternity apparel retailer in the world."
During March 2011, the Company opened its 28th Destination Maternity Superstore, and closed seven stores, including three store closings related to Destination Maternity multi-brand store openings. As of the end of March 2011, the Company operates 672 stores, 1,703 leased department locations and 2,375 total retail locations, compared to 709 stores, 979 leased department locations and 1,688 total retail locations operated at the end of March 2010.
The increase in leased department locations at the end of March 2011 versus the end of March 2010 predominantly reflects the opening of 516 leased department locations in January and February 2011 for our Macy's expansion, and an additional 217 Sears and Kmart leased department locations in September and October 2010. For the quarter ended March 31, 2011, the Company opened three stores, including two Destination Maternity nameplate stores, and closed 21 stores, including six store closings related to Destination Maternity nameplate store openings.
Destination Maternity Corporation
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