Sales rise at Danier Leather
23/04/2009
Danier Leather posted higher sales for the 13-week period ended March 28. Sales for the third quarter increased 2% to $43.5 million from $42.4 million in the third quarter last year. Comparable store sales increased by 3%.
However, year-to-date sales fell 1% to $135.1 million and comparable store sales fell 1%.Net loss during the third quarter was $2.3 million compared with net earnings of $0.1 million during the third quarter of 2008. Year-to-date net earnings were $0.5 million compared with $15.9 million during the prior-year period.
Gross profit as a percentage of revenue during the third quarter was 41.4% compared with 39.6% during the third quarter of 2008. Year-to-date gross profit as a percentage of revenue was 45% compared with 46.9% during the corresponding period last year. The decrease in gross profit margin was mainly caused by the decline of the Canadian dollar relative to the US dollar, which resulted in higher merchandise costs.
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