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Sales dip 5.3% at Destination Maternity in Q3 FY'12

27
Jul '12
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced operating results for the third quarter of fiscal 2012, which ended June 30, 2012. 

The Company's diluted earnings per share for its third quarter of fiscal 2012 was in line with its July 10, 2012 updated earnings guidance range of $0.51-$0.53 per share, but below the low end of its April 26, 2012 earnings guidance of $0.57 to $0.70 per share.  On July 25, 2012 the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.175 per share payable September 28, 2012.

Third Quarter Fiscal 2012 Financial Results

  • GAAP net income for the third quarter of fiscal 2012 was $6.9 million, a decrease compared to GAAP net income of $9.5 million for the third quarter of fiscal 2011. 
  • GAAP diluted earnings per share for the third quarter of fiscal 2012 was $0.52, a decrease compared to $0.72 for the third quarter of fiscal 2011. 
  • Net sales for the third quarter of fiscal 2012 decreased 5.3% to $138.8 million from $146.7 million for the third quarter of fiscal 2011.  The decrease in sales for the third quarter of fiscal 2012 compared to fiscal 2011 resulted primarily from a decrease in comparable sales, decreased sales from the Company's licensed relationship and decreased sales related to the Company's continued efforts to close underperforming stores.  The net sales of $138.8 million for the third quarter were below the low end of the Company's guidance range of $142 to $147 million provided in April 2012.
  • Comparable sales (which include Internet sales) for the third quarter of fiscal 2012 decreases 2.4% versus a comparable sales decrease of 1.6% for the third quarter of fiscal 2011.  The comparable sales decrease of 2.4% during the third quarter of fiscal 2012 was below the low end of the Company's guidance range for third quarter comparable sales of flat to up 4.0% provided in April 2012. 

The Company estimates that reported comparable sales for the third quarter of fiscal 2012 were hurt by approximately 1.0 percentage points due to a calendar shift which helped March sales at the expense of April, with April 2012 having one less Friday and Saturday compared to April 2011. 

Adjusting out this 'calendar shift' adverse impact, the Company's days-adjusted comparable sales for the third quarter was a decrease of approximately 1.4%.  The Company's Internet sales, which are included in the Company's reported comparable sales, increased 30% for the third quarter of fiscal 2012, on top of an 18% increase in the third quarter of fiscal 2011.


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