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Massive rise in Destination Maternity's Q4FY17 net loss
Apr '17
For the three months ended January 30, 2017, GAAP net loss at Destination Maternity rose massively to $32.8 million, or $2.39 per share as compared to a GAAP net loss of $3.1 million, or $0.22 per share in prior fiscal's same quarter. The net loss for the fourth quarter of fiscal 2017 includes a $27.8 million non cash income tax charge, or $2.02 per share.

Net sales at $100.2 million in the reporting quarter too were down from $118.3 million in the fourth quarter of fiscal 2016, driven by the wind down of the Kohl's, Sears and Gordmans relationships and a decline in comparable sales.

Gross margin for the fourth quarter of fiscal 2017 stood at 51.0 per cent, up 120 basis points over 49.8 per cent that the maternity apparel retailer reported in the earlier fiscal's corresponding quarter.

The retailer incurred store closing, asset impairment and asset disposal expenses of $1.0 million in the quarter under review, as against $0.3 million in the previous fiscal's comparable quarter.

Other charges during the fourth quarter of fiscal 2016 were $2.9 million, related to the proposed business combination, as well as management and organizational changes, compared to $2.5 million in the fourth quarter of fiscal 2015.

Income tax provision for the fourth quarter of fiscal 2017 was $25.0 million, and included a non-cash charge of $27.8 million as a valuation allowance against substantially all of the company's deferred tax assets. (AR)

Fibre2Fashion News Desk – India

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