GAAP net loss for the three months ended July 30, 2016 at Destination Maternity fell 6.5 per cent year on year to $2.5 million, or $0.18 loss per diluted share. Adjusted net loss was $2.0 million or $0.14 per diluted share for the reporting quarter as against $1.7 million, or $0.12 loss per diluted share for the prior fiscal's same quarter.
Net sales for the second quarter of fiscal 2017 too were down to $106.5 million compared with $119.3 million for the corresponding quarter of earlier fiscal.GAAP net loss for the three months ended July 30, 2016 at Destination Maternity fell 6.5 per cent year on year to $2.5 million, or $0.18 loss per diluted share. Adjusted net loss was $2.0 million or $0.14 per diluted share for the reporting quarter as against $1.7 million, or $0.12 loss per diluted share for the prior fiscal's same quarter. Net sales for...#
“The decline was mainly driven by closure of Sears and Gordmans leased department locations, as well as reductions in Kohl's sales given the planned exit in 2017, and by a decline in comparable sales,” the company said.
Comparable sales dropped 2.7 per cent for the quarter under review, compared to a 2.0 per cent increase in the second quarter of fiscal 2016.
Gross margin for the reporting quarter stood at 51.5 per cent, up a steep 510 basis points over 46.4 per cent the retailer posted in the previous fiscal's second quarter. (AR)
Fibre2Fashion News Desk – India