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Danier Leather Comparable store sales rise in Q1

Oct '08
Danier Leather Inc announced its unaudited interim consolidated financial results for the 13 week period ended September 27, 2008.

Sales for the first quarter increased by 2% or $0.5 million to $22.6 million from $22.1 million in the first quarter last year. Comparable store sales increased by 2%.

Net loss during the first quarter was $3.7 million ($0.59 loss per diluted share) compared with net earnings of $9.8 million ($1.53 per diluted share) during the first quarter last year. Excluding the reversal of the litigation provision of $18.0 million and related income taxes of $4.6 million, the adjusted net loss(2) during the first quarter of last year was $3.6 million ($0.56 loss per diluted share). The first quarter of last year included the reversal of the litigation provision as a result of the Supreme Court of Canada decision to uphold the unanimous Ontario Court of Appeal ruling that dismissed the class action against the Company and two of its Senior Officers.

Gross profit as a percentage of revenue during the first quarter of 2009 was 42.9% compared with 48.9% during the first quarter last year. Increased markdowns resulting from clearance of prior year fall merchandise contributed to the decrease.

Selling, general and administrative expenses ("SG&A") were $15.8 million during the first quarter of fiscal 2009 compared with $16.4 million during the first quarter last year.

Danier repurchased 100,000 subordinate voting shares for cancellation under its Normal Course Issuer Bid on September 26, 2008. Settlement of this repurchase occurred on October 1, 2008 and will be recorded during Danier's second quarter.

Danier continues to maintain a strong balance sheet with working capital of $35.4 million, no long-term debt and a book value of $9.03 per outstanding share.

Danier Leather Inc

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