Danier Leather looks back on ‘toughest year’
22/09/2015
It said: “The merchandise purchased for fall and winter was not aligned to current fashion trends resulting in significant sales declines. As a result, the company's sales were negatively affected during what has historically been Danier's busiest selling season and this resulted in a build-up of inventory.”
The losses were also driven by a writedown.
However, Jeffrey Wortsman is confident in a turnaround plan which includes selling its head office and property and diversifying away from leather.
He added: "Although it's been our toughest year ever, we have addressed the missteps and product issues that were made in recent past.
"We are convinced that we now have a viable turnaround plan which we are implementing to improve Danier's performance in fiscal 2016 and beyond. As we look forward, we have a strong line up of merchandise that is on trend."
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