The speciality leather apparel retailer, Danier Leather, has posted poor financial results for second quarter and first half 2003.

For the period ended December 27 2003, Q2 sales were down 8.5% year-on-year to $79.3 million and net earnings slumped 23.7% to $8.98 million. First half sales declined 6.1% to $102.6 million while net earnings fell 42% to $4.9 million, compared with the same period 2002.

The Toronto, Canada-based company cites a difficult operating environment in speciality apparel for the decline. However it also said that at the end of Q2 it had maintained a strong financial position with approximately $13.9 million in cash, no long term debt and working capital of $42.9 million.

Share this story: