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Danier Leather year-to-date sales up in Q2

23
Jan '08

Danier Leather Inc announced its unaudited consolidated financial results for the 13 week and 26 week periods ended December 29, 2007.

Sales for the second quarter increased by 6% or $3.9 million to $71.5 million from $67.6 million in the second quarter last year. Comparable store sales increased 8%. Boxing week sales were included in the second quarter this year whereas last year Boxing week sales were included in the third quarter.

On a comparable week basis, which includes Boxing week in both periods and compares the 13 weeks ended December 29, 2007 to the 13 weeks ended December 30, 2006, sales decreased by 8% or $6.4 million while comparable store sales decreased by 7%. Customer traffic during the comparable period decreased 5% and the average sale decreased 3%.

A difficult retail environment which included extreme customer price sensitivity, cross border shopping and warm weather early in the season resulted in the need for the Company to increase markdowns and become more promotional.

Year-to-date sales increased 5% or $4.1 million to $93.6 million while comparable store sales increased 7%. On a comparable week basis which is the 26 weeks ended December 29, 2007 compared to the 26 weeks ended December 30, 2006, sales decreased 8% and comparable store sales decreased 6%. Customer traffic during the comparable period decreased 6% and the average sale decreased 1%.

Net earnings during the second quarter decreased by $1.5 million to $6.0 million or $0.94 per diluted share compared with $7.5 million or $1.14 per diluted share in the second quarter last year. Year-to-date net earnings were $15.8 million ($2.47 per diluted share).

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