Stronger quarter for Danier Leather
21/01/2010
Canadian designer, manufacturer, and retailer of high-quality leather clothing and accessories Danier Leather has announced that its net earnings for the second quarter of its current fiscal year increased by approximately $2 million to $8.5 million compared with $6.5 million during the second quarter last year. For the year-to-date period, net earnings increased by $2.3 million to $5.1 million compared with $2.8 million for the corresponding period last year.
Sales for the second quarter of fiscal 2010 increased by 2% to $70.6 million from $69.1 million in the second quarter last year. Comparable store sales increased by 6%. Gross profit margin increased by 6.4% to 54.4% from 48.0% resulting in a gross profit increase of 16% to $38.5 million from $33.2 million during the second quarter last year. The increase in gross profit margin was due in part to a stronger Canadian dollar, reduced markdowns as compared with the second quarter last year and improved merchandise planning and purchasing.
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