Danier Leather rides high on Q3
Danier Leather Inc, the Canadian luxury leather goods producer and retailer, has posted strong results for the third quarter ended March 27 2004.
The Toronto-headquartered company reported a 10.3% increase in sales to C$46.2 million and a 17% rise in net profits to C$531,000. For the first nine months of the fiscal year, however, revenues declined 1.3% to C$148.8 million while earnings fell 38.9% to C$5.4 million.
The company said the strongest growth was generated by its leather and suede accessories line, with sales increasing 29% for the first quarter and 15% year-to-date. Accessories accounted for 17% of total company sales during Q3.
“While conditions remained challenging in the first part of the quarter, sales improved considerably as the quarter progressed,” said Jeffrey Wortsman, President and CEO. “Danier’s mall stores showed particular strength as customers began to embrace our fresh and vibrant leather colours for spring. We continue to respond with attractive styles that are creating more colourful and exciting merchandise displays and generating strong interest.”
