Danier Leather sales increase, losses fall
Canadian designer, manufacturer and retailer of high quality leather goods Danier Inc has announced increased sales for the first fiscal quarter of 2004 ended September 25. The figures showed an increase in sales of 6% compared with the same period in 2003, taking sales to $24.6 million. This increase has been attributed, in part, to a rise of 9% in accessory sales following the company’s decision to expand this line.
These encouraging results bode well for the company’s longer term outlook. Losses for the first quarter amounted to $3.4 million, compared with $4.1 million for the same period last year and with no long-term debt and a working capital of $39.9 million the company is feeling positive.
Danier opened a new shopping outlet in the first quarter and the company expects to open another one, and renovate nine existing stores, by the end of this fiscal year.
“While the first quarter is traditionally our slowest, the results achieved are encouraging,” said Jeffrey Wortsman, the president of Danier Leather.
