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Danier Leather's net earnings drop in fiscal 2006

Jan '06
Toronto based leather apparel maker Danier Leather Inc announced its consolidated financial results for the 13 and 26 weeks ended December 24, 2005.

- Ontario Court of Appeal unanimously allowed Danier's appeal on three separate grounds from the May 2004 judgment of the Superior Court of Justice (Ontario) in the matter of a class action concerning the Company's initial public offering (IPO) in 1998.
- Second quarter results impacted by a more promotional environment and lower traffic.

- Boxing week sales took place in third quarter. Sales for the week ended December 31, 2005 decreased by 9 percent over the same period last year.
- New point-of-sale system implemented and tested in 5 stores - full rollout to start in March 2006.

"Results were affected by a more promotional retail environment leading up to Christmas, customer preferences for lower price merchandise, the continued fashion trend for shorter length jackets which has a lower average price point, lower customer traffic and unseasonably warmer weather during the first quarter and early part of the second quarter" said Jeffrey Wortsman, President and CEO of Danier Leather.

Sales for the second quarter and year-to-date decreased 12 percent while comparable store sales decreased 12 percent during the second quarter and 13 percent year-to-date.

EBITDA decreased to $9.0 million compared with $13.9 million in the same quarter last year. Year-to-date EBITDA was $1.9 million compared with $10.2 million during the same period last year.

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