Destination Maternity Q3 Profit Down - Quick Facts

(RTTNews) - Destination Maternity Corp. (DEST), a maternity apparel retailer Wednesday reported lower earnings for the third quarter, as revenues declined 5.5 percent.

The company's net earnings was down to $5.5 million or $0.40 per share from $8.6 million or $0.64 per share last year. On an adjusted basis, the company earned $0.35 per share.

Quarterly sales decreased 5.5 percent to $134.0 million from $141.9 million in the same period last year, primarily due to a decline in comparable sales and decreased sales related to the company's continued efforts to close under performing stores.

Comparable sales for the quarter was down 5.3 percent versus a comparable sales increase of 4.9 percent in the year-ago period.

Looking ahead, for the fourth quarter, the company expects earnings per share in the range of $0.16 - $0.26, on revenues of $124.5 million - $129.0 million. Adjusted earnings per share is projected to range between $0.04 and $0.14.

For the fiscal 2014, the group expects earnings per share in the range of $1.11 - $1.21, on net sales of $519.5 million-$524.0 million. Adjusted earnings per share is projected to be between $0.97 and $1.07.

The board declared a regular quarterly cash dividend of $0.20 per share, payable September 26, to stockholders of record at the close of business on September 5.