Danier Leather reports drop in revenue
Canadian designer, manufacturer, and retailer of leather and suede clothing and accessories, Danier Leather Inc., has reported lower than expected sales in the third fiscal quarter ended March 26, 2005.
Although sales for the thirteen weeks increased by 2% to $46.5 million from $45.5 million in the same quarter of fiscal 2004, Boxing Week took place in the third quarter this year versus the second quarter last year. As a result, the third quarter of 2005 included incremental Boxing Week revenue of about $5.8 million.
Excluding Boxing Week, sales during the third quarter were below expectations.
Year-to-date revenues decreased by 4% or $5.5 million to $140.9 million compared with $146.4 million during the same period last year. Comparable store sales decreased by 5%.
"Although results for the third quarter were soft, the company is taking steps to improve its performance," said Jeffrey Wortsman, president and CEO of Danier Leather. "We closed our
