Danier Leather Comparable store sales up in Q4

22 Aug '07

2 min read

Danier Leather Inc announced its consolidated financial results for the fourth quarter and year ended June 30, 2007.

Sales for the fourth quarter of 2007 increased 1% or $0.2 million to $22.2 million from $22.0 million in the fourth quarter of 2006. Comparable store sales in the fourth quarter increased 4%.

The fourth quarter of 2007 contained 14 weeks whereas the fourth quarter of 2006 contained 13 weeks. Year-to-date sales increased 7% or $9.7 million to $158.1 million from $148.4 million in the prior year.

Year-to-date comparable store sales increased 9%. During fiscal 2007, Danier began to realize the benefits of refocusing its merchandise offering and marketing programs on its core customer.

Gross profit as a percentage of revenue during the fourth quarter of 2007 expanded by 460 basis points or 4.6% to 54.5% compared with 49.9% during the fourth quarter last year.

Year-to-date gross profit as a percentage of revenue expanded by 160 basis points or 1.6% to 49.7% compared with 48.1% during the same period last year.

The expanded gross profit as a percentage of revenue resulted in gross profit dollars increased by 10% for both the fourth quarter and year-to-date.

Net loss for the fourth quarter of 2007 was reduced to $2.4 million, or $0.37 loss per share compared with $4.6 million or $0.70 loss per share during the fourth quarter last year. Year-to-date net earnings increased to $1.7 million, or $0.25 per share, compared with a net loss of $5.5 million or $0.84 loss per share last year.

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