Fri. Nov 15th, 2019

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DEST: Destination Maternity Corporation (NASDAQ: DEST)

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Destination Maternity Corporation (NASDAQ: DEST), the world’s leading maternity apparel retailer, recently stated fiscal results for the 2nd-quarter of fiscal 2k19 finished August 3, 2k19 contrast to the 2nd-quarter of fiscal 2k18 finished August 4, 2k18.

2nd-Quarter Fiscal 2k19 Financial Results

  • Net loss for the 2nd-quarter of fiscal 2k19 was $3.50M, or ($0.250) for each share (diluted), contrast to net loss of $4.00M, or ($0.290) for each share (diluted), for the 2nd-quarter of fiscal 2k18.
  • Operating loss of $2.20M for the 2nd-quarter of fiscal 2k19 contrast to operating loss of $2.80M in the 2nd-quarter of fiscal 2k18.
  • Adjusted net loss for the 2nd-quarter of fiscal 2k19 was $2.80M, or ($0.200) for each share (diluted), contrast to the comparably adjusted net loss for the 2nd-quarter of fiscal 2k18 of $1.60M, or ($0.110) for each share (diluted).
  • Adjusted EBITDA before other charges and effect of change in accounting principle reduced to $2.00M for the 2nd-quarter of fiscal 2k19 from $4.00M for the 2nd-quarter of fiscal 2k18.
  • Net sales for the 2nd-quarter of fiscal 2k19 reduced 11.90 percent to $84.90M from $96.40M for the 2nd-quarter of fiscal 2k18. Sales were negatively influenced by the net closure of 6 owned locations and 55 leased lease locations in addition to a decline in comparable sales.
  • Comparable sales for the 2nd-quarter of fiscal 2k19 reduced 10.50 percent from the 2nd-quarter of fiscal 2k18. The decline was attributable to an 11.90 percent decline in comparable store sales and a 6.40 percent decline in ecommerce sales.
  • Gross margin rate for the 2nd-quarter of fiscal 2k19 was 51.4 percent, a decline of 30 basis points from the comparable gross margin in the 2nd-quarter of fiscal 2k18.
  • Selling, general and administrative costs (“SG&A”) for the 2nd-quarter of fiscal 2k19 reduced 9.90 percent to $45.20M from $50.10M for the 2nd-quarter of fiscal 2k18. As a percentage of net sales, SG&A raised 120 basis points to 53.20 percent vs 52.00 percent for the 2nd-quarter of fiscal 2k18.

1st-Six Months of Fiscal 2k19 Financial Results (26 Weeks finished August 4, 2k19)

  • Net sales for the 1st-six months reduced 10.30 percent to $179.10M from $199.60M for the comparable duration in fiscal 2k18.
  • Comparable sales for the 1st-six months of fiscal 2k19 reduced 8.70 percent, contrast to a boost of 0.50 percent for the six months of fiscal 2k18.
  • Gross margin for the 1st-six months of fiscal 2k19 was 53.20 percent, a boost of 50 basis points from the comparable prior year gross margin.
  • Selling, general and administrative costs (“SG&A”) for the 1st-six months of fiscal 2k19 reduced 8.10 percent to $93.60M. As a percentage of net sales, SG&A raised 120 basis points to 52.30 percent.
  • Adjusted EBITDA before other charges and change in accounting principle was $8.70M for the 1st-six months of fiscal 2k19, a decline of 26.60 percent contrast to $11.80M for the 1st-six months of fiscal 2k18.
  • Adjusted net loss for the 1st-six months of fiscal 2k19 was $2.20M, or ($0.160) for each share (diluted), contrast to the comparably adjusted net loss for the 1st-six months of fiscal 2k18 of $0.60M, or ($0.040) for each share (diluted).

Adjusted EBITDA before other charges, and adjusted net loss, are defined in the financial tables at the end of this press release.

Other Financial Information

  • Capital expenditures for 2nd-quarter fiscal 2k19 totalled $1.30M mainly driven by investments to support key systems projects with minor investments in stores.
  • At August 3, 2k19, inventory was $67.70M, a decline of $3.20M contrast to $70.90M at February 2, 2k19.

 

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