Danier Leather reports Q2 results
Canadian leathergoods brand Danier Leather has reported its fiscal 2012 second quarter results, announcing that net earnings during the second quarter of fiscal 2012 increased by 4% to $8.5 million compared with $8.2 million during the second quarter of 2011. For the year-to-date period, net earnings increased by 8% to $5.7 million compared with net earnings of $5.3 million for the same period last year.
During fiscal 2012, Danier placed more emphasis on increasing sales generated from accessories. Although unseasonably warm weather contributed to a reduction in outerwear sales, accessory sales continued to perform well, increasing by 8% during the second quarter of fiscal 2012 and increasing by 9% for the year-to-date period, compared to the respective periods last year. The higher margin accessory category represented 30% of total sales during the second quarter of fiscal 2012 compared with 27% during the second quarter last year. For the 26 weeks ended December 24, 2011, accessories represented 32% of total sales compared with 29% during the corresponding period last year.
Mainly due to unseasonably warm weather, total company sales during the second quarter of fiscal 2012 decreased by 3% to $59.5 million compared with $61.4 million during the second quarter last year. Year-to-date sales decreased by 4% to $81.6 million compared with $84.9 million for the corresponding period last year. Comparable store sales(2) decreased by 3% during the second quarter of fiscal 2012 and decreased by 4% for the first half of fiscal 2012, compared to the respective periods last year.
