Net sales fall at maternity apparel retailer

23 Apr '08

3 min read

Mothers Work Inc, the world's leading maternity apparel retailer, announced operating results for the second quarter of fiscal 2008 ended March 31, 2008.

Net loss for the second quarter of fiscal 2008 was $(0.4) million, or $(0.07) per common share (diluted), compared to net income for the second quarter of fiscal 2007 of $2.6 million, or $0.41 per common share (diluted).

The net loss for the second quarter of fiscal 2008 of $(0.07) per share was consistent with the Company's updated second quarter earnings per share guidance range of a loss of between $(0.05) and $(0.10) per share provided in its April 10, 2008 press release, but was below its previous diluted earnings per share guidance range of between $0.19 and $0.35 per share provided in its January 24, 2008 press release. Net loss before debt repurchase charges for the second quarter of fiscal 2008 was $(0.4) million, or $(0.06) per common share (diluted).

Net loss for the first six months of fiscal 2008 was $(0.7) million, or $(0.13) per common share (diluted), compared to net income for the first six months of fiscal 2007 of $4.0 million, or $0.64 per common share (diluted).

Net loss before debt repurchase charges for the first six months of fiscal 2008 was $(0.7) million, or $(0.12) per common share (diluted), compared to net income before debt repurchase charges for the first six months of fiscal 2007 of $5.2 million, or $0.85 per common share (diluted).

The debt repurchase charge for the second quarter and first six months of fiscal 2008, of $23,000 after tax, resulted from the Company's prepayment of $5 million of its outstanding Term Loan in March 2008. The debt repurchase charge for the first six months of fiscal 2007, of $1.3 million after tax, resulted from the Company's redemption of $25 million of its outstanding 11-1/4% Senior Notes in December, 2006.

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