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Danier continues to maintain a strong balance sheet
22
Oct '10
Danier Leather Inc. announced its unaudited interim consolidated financial results for the 13 week period ended September 25, 2010.

Financial Highlights

Sales during the first quarter of fiscal 2011 increased by 17% to $23.4 million compared with $20.0 million during the first quarter last year. Comparable store sales increased by 18%.

Gross profit as a percentage of revenue increased by 400 basis points to 52.4% compared with 48.4% during the first quarter last year and gross profit dollars increased by $2.6 million. Selling, general and administrative expenses during the first quarter of fiscal 2011 increased by 8% to $16.3 million compared with $15.1 million during the first quarter last year.

The increase in sales and gross margin resulted in a $0.6 million or 17% improvement in the fiscal 2011 first quarter net loss to $2.8 million compared with $3.4 million during the first quarter last year.

Danier continues to maintain a strong balance sheet with cash of $9.3 million compared with $8.4 million at the end of the first quarter last year, working capital of $34.0 million, no long-term debt and a book value of $11.37 per outstanding share.

Danier Leather Inc

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