29.03.2016 12:24:43
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Destination Maternity Q4 Loss Narrows - Quick Facts
(RTTNews) - Destination Maternity Corp. (DEST), a leading maternity apparel retailer, reported a fourth quarter GAAP net loss of $3.1 million compared to a net loss of $17.0 million, prior year. Loss per share was $0.22 compared to a loss of $1.25. Adjusted net loss was $1.5 million, or $0.11 per share, compared to a adjusted loss of $13.8 million, or $1.02 per share, previous year.
Net sales were $118.3 million compared to $121.2 million for the comparable three month period ended January 31, 2015. The company said the decrease resulted primarily from a decline in comparable sales and decreased sales related to the continued efforts to close underperforming stores. Comparable sales decreased 3.5%.
Gross margin was 49.8%, up from 38.4% in the prior year period, which included a 9.0% negative impact from the $10.9 million inventory write-down. Excluding the inventory write down from the prior year, gross profit margin improved by 240 basis points year-over-year.
For fiscal 2016, Destination Maternity expects a comparable sales increase in the low, single digits. The company reported that, through Easter, first-quarter comparable store sales were down in the mid-single digits.
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