Home / Knowledge / News / Company / Danier Leather Comparable store sales rise in Q1

Danier Leather Comparable store sales rise in Q1

22
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


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Jan 2021

EU strategy for textiles roadmap published

A roadmap setting out the European Union (EU) strategy for...

Pic: Shutterstock

Retail | On 19th Jan 2021

Retailers may need to alter European supply chains: Fitch

Pan-European retailers may need to adapt supply chains due to the...

Pic: Messe Frankfurt

Textiles | On 19th Jan 2021

Heimtextil, Techtextil & Texprocess postponed until 2022

Messe Frankfurt, the trade fair organiser, has announced that after...

Interviews View All

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Jason Remnant,

Jason Remnant

<div>Xaar plc develops digital inkjet technology; it designs and...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search