Wow..DL earns $2.20 per fd share in Q2 Marketwire Canada
Danier Leather Inc. (TSX:DL) today announced its unaudited interim consolidated financial results for the 13 week and 26 week periods ended December 29, 2012.
FINANCIAL HIGHLIGHTS ($000s, except earnings per share (EPS), square footage and number of stores):
---------------------------------------------------- For the 13 Weeks Ended For the 26 Weeks Ended---------------------------------------------------------------------------- Dec. 29, Dec. 24, Dec. 29, Dec. 24, 2012 2011 2012 2011----------------------------------------------------------------------------Sales $ 66,128 $ 59,487 $ 89,226 $ 81,578----------------------------------------------------------------------------EBITDA(1) 12,727 12,642 8,713 9,685----------------------------------------------------------------------------Net Earnings 8,404 8,466 4,946 5,698----------------------------------------------------------------------------EPS - Basic $ 1.92 $ 1.83 $ 1.10 $ 1.23----------------------------------------------------------------------------EPS - Diluted $ 1.86 $ 1.77 $ 1.06 $ 1.19----------------------------------------------------------------------------Number of Stores 90 91 90 91----------------------------------------------------------------------------Retail Square Footage 294,909 306,702 294,909 306,702----------------------------------------------------------------------------
Sales during the second quarter of fiscal 2013 increased by 11% or $6.6 million to $66.1 million compared with $59.5 million during the second quarter last year. Comparable store sales(2) increased by 13%. Boxing Week sales were included in the second quarter this year whereas last year's Boxing Week sales were included in the third quarter.
Sales on a comparable week basis, which includes Boxing Week in both periods and compares the 13 weeks ended December 29, 2012 to the 13 weeks ended December 31, 2011, decreased by 1%. Comparable store sales, on a comparable week basis, were unchanged.
In line with our stated strategy, on a comparable week basis, accessory sales continued to perform well, increasing by 6% during the second quarter over the corresponding period last year. Accessories represented 32% of total merchandise revenue during the second quarter compared with 30% during the corresponding period last year.
Mainly due to unusual weather, including the relatively late arrival of winter in the major Toronto and Montreal markets, and a snowstorm that interrupted Boxing Day-related shopping in the eastern region of Canada, outerwear sales decreased by 5% during the 13 weeks ended December 29, 2012 compared with the 13 weeks ended December 31, 2011.
Year-to-date sales increased by 9% or $7.6 million to $89.2 million, while comparable store sales increased by 10% compared to the corresponding period last year. On a comparable week basis, with the 26 weeks ended December 29, 2012 compared to the 26 weeks ended December 31, 2011, sales decreased by 1% and comparable store sales were unchanged. Year-to-date accessory sales, on a comparable week basis, with the 26 weeks ended December 29, 2012 compared to the 26 weeks ended December 31, 2011, increased by 7% and represented 34% of total merchandise revenue compared with 31% of total merchandise revenue during the same period last year.
Gross profit as a percentage of revenue during the second quarter of fiscal 2013 decreased by 140 basis points to 54.3% compared with 55.7% during the second quarter last year. Gross profit margin during the first half of fiscal 2013 decreased by 170 basis points to 53.3% compared with 55.0% during the first six months of last year.
Selling, general and administrative expenses during the second quarter of fiscal 2013 increased by $3.0 million to $24.4 million, compared with $21.4 million during the second quarter last year. Year-to-date selling, general and administrative expenses increased by $3.8 million to $40.8 million compared with $37.0 million during the first half of last year.
Net earnings during the second quarter of fiscal 2013 decreased by $0.1 million to $8.4 million ($1.86 per diluted share) compared with $8.5 million ($1.77 per diluted share) during the second quarter last year. For the year-to-date period, net earnings decreased by $0.8 million to $4.9 million ($1.06 per diluted share) compared with $5.7 million ($1.19 per diluted share) during the first six months of last year.
During the second quarter of fiscal 2013, Danier repurchased 787,401 subordinate voting shares under a "modified Dutch Auction" substantial issuer bid at a purchase price of $12.70 per share. The subordinate voting shares repurchased under the substantial issuer bid represented approximately 23.01% of the total issued and outstanding subordinate voting shares as of November 28, 2012 and, immediately following the purchase and cancellation of those shares, approximately 2,635,172 subordinate voting shares remained outstanding. For further details, see Note 10(d) to the accompanying unaudited interim consolidated financial statements of the Company.
Danier continues to maintain a strong balance sheet with cash of $30.8 million, working capital of $42.2 million and no long-term debt.
Non-IFRS Financial Measures