Danier Leather Reports Fiscal 2015 First Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/27/14 -- Danier Leather Inc. (TSX: DL) ("Danier" or the "Company") today announced its unaudited interim consolidated financial results for the 13-week period ended September 27, 2014.
FINANCIAL HIGHLIGHTS ($000s, except earnings per share (EPS), square footage and number of stores):
Sales during the first quarter of fiscal 2015 decreased by 15% to $20.6 million compared with $24.2 million during the first quarter last year. Comparable store sales(2) decreased by 18% compared to the same period last year. Sales were affected by some of the same factors discussed in the Company''s 2014 Annual Report, including increased promotional activity to reduce past season inventory, a competitive retail environment and a lack of "newness" in our product assortment, all of which resulted in a 13% decrease in customer traffic during the first quarter of fiscal 2015 as compared to the same period last year. New fall and winter merchandise is now being received in time for the upcoming holiday selling season, which is historically our busiest time of year.
In February 2014, Danier launched its eCommerce store for orders within Canada. While not currently a significant portion of Danier''s overall sales, eCommerce revenue for the most recent quarter increased by 73% from our phone order channel in the same quarter last year.
Gross profit margin during the first quarter of fiscal 2015 was 46.7% compared with 50.0% during the same period last year. The decrease in gross profit margin was mainly due to increased promotional activity undertaken by the Company in order to reduce prior year inventory levels, increased inventory provisions and the effect of the weakened Canadian dollar relative to the U.S. dollar.
Selling, general and administrative expenses of $17.1 million incurred during the first quarter of fiscal 2015 were similar with the first quarter of last year.
The seasonal net loss of approximately $5.9 million during the first quarter of fiscal 2015 increased by approximately $2.3 million compared with the net loss of $3.6 million during the first quarter last year.
At the end of first quarter of fiscal 2015, Danier had working capital(3) of $24.0 million and a book value of $11.05 per outstanding share.
Non-IFRS Financial Measures
The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS"). In order to provide additional insight into the business, the Company has also provided certain non-IFRS data, including EBITDA, Adjusted EBITDA and comparable store sales, each as defined below. Non-IFRS measures such as EBITDA, Adjusted EBITDA and comparable store sales are not recognized measures for financial presentation under IFRS. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.
Forward-Looking Statements
This press release may contain forward-looking information and forward-looking statements which reflect the current view of Danier with respect to the Company''s objectives, plans, goals, strategies, future growth, results of operations, financial and operating performance and business prospects and opportunities. Wherever used, the words "may", "will", "anticipate", "intend", "estimate", "expect", "plan", "believe" and similar expressions identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. All of the statements in this press release containing forward-looking statements or forward-looking information, if any, are qualified by these cautionary statements.
Forward-looking statements and forward-looking information are based on information available at the time they are made, underlying estimates, opinions and assumptions made by management and management''s good faith belief with respect to future events, performance and results and are subject to inherent risks and uncertainties surrounding future expectations generally. For additional information with respect to Danier''s inherent risks and uncertainties, reference should be made to Danier''s continuous disclosure materials filed from time to time with the Canadian Securities Regulatory Authorities, including the Company''s most recent annual information form, quarterly and annual reports and financial statements and notes thereto, and supplementary information, which are available on SEDAR at and in the Investor Relations section of the Company''s website at . Additional risks and uncertainties not presently known to the Company or that Danier currently believes to be less significant may also adversely affect the Company.
Danier cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events, performance and results may vary significantly from those expected. There can be no assurance that the actual results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Potential investors and other readers are urged to consider these factors carefully in evaluating forward-looking information and forward-looking statements and are cautioned not to place undue reliance on any forward-looking information or forward-looking statements. Danier disclaims any intention or obligation to update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
About Danier
Danier Leather Inc. is a leading integrated designer, manufacturer, distributor and retailer of high-quality fashion-oriented leather apparel and accessories. The Company''s merchandise is marketed exclusively under the well-known Danier brand name and is available at its 90 shopping mall, street-front and outlet stores as well as the online store at danier.com. For more information about the Company and our products, visit .
Approved by the Board of Directors
October 27, 2014
Contacts:
Investor Relations Contact
Danier Leather Inc.
Jeffrey Wortsman
President and Chief Executive Officer
(416) 762-8175 ext. 302
Danier Leather Inc.
Bryan Tatoff
Executive Vice-President and Chief Financial Officer
(416) 762-8175 ext. 328
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Datum: 27.10.2014 - 15:30 Uhr
Sprache: Deutsch
News-ID 1313055
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Fashion
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