Profits rise at Danier Leather
It’s been a positive week for Canadian designer and manufacturer of leather and suede clothing and accessories Danier Leather Inc. Having finally resolved a long-running court battle over the company’s initial public offering in 1998, resulting in a reversal of an $18 million litigation provision, the company has also reported improved profits for the first quarter ended September 29.
Sales for the 12-week period increased 1% to reach $22.1 million, up from $21.9 million in the first quarter of 2007, whilst comparable store sales improved 5%. Gross profit as a percentage of revenue expanded 4.9% to 48.9% compared with 44% in the comparable period last year. This resulted in gross profit dollars increasing by 12% or $1.2 million for the first quarter.
