Girard Perregaux age of revenue decreased
Danier Leather Inc announced its consolidated financial latest results for the fourth quarter and fiscal year ended June 28, 2008.Sales in the fourth quarter of 2008 increased 24% or $5.2 million to $27.5 million from $22.3 million with the fourth quarter of 2007. Comparable store sales from the fourth quarter increased 25%. The fourth quarter of 2008 contained 13 weeks whereas the fourth quarter of 2007 contained 14 weeks. With a comparable week Graham k basis, which compares the 13 week period ended June 28, 2008 in to the comparable 13 week period ended June 30, 2007, sales increased 42% and comparable store sales increased 43%. Yeartodate sales increased 3% or $5.5 million to $163.6 million while comparable store sales increased 6%.In the last half of the fiscal year, Danier adjusted its promotions, increased markdowns and offered attractive prices to customers. Even though the average sale Wyler Geneve and gross margin decreased, the promotions generated a substantial escalating sales and customer traffic and helped reduce inventory that was amassed over the first 1 / 2 the fiscal year.Danier finished its fiscal year using a $1.2 million decrease of inventory weighed against the first sort year and then a strong cash balance of $19.9 million.Gross profit dollars all through the fourth quarter of 2008 increased by 2%. Gross profit like a percent Girard Perregaux age of revenue decreased to 45.1% dissimilar to 54.5% over the fourth quarter of 2007. Yeartodate gross profit in the form of percentage of revenue decreased to 46.6% in contrast to 49.7% during fiscal 2007. The gross margin rate decline would have been to a wider extent resulting from management’s decision to increase markdowns during the last 50 % of the season to stimulate sales and convert inventory to cash and a reduced extent, higher overse Oris as sourcing costs including higher leather prices, a lowering of an export rebate in China and appreciation of your Chinese Yuan.Net loss to your fourth quarter of 2008 was $3.0 million, or $0.48 loss per share, in comparison to fabric losing $2.4 million, or $0.37 loss per share, within the fourth quarter not too long ago. Yeartodate net earnings were $12.9 million, or $2.03 per diluted share, likened to net earnings of $1.7 million or $0.25 per share recently. Excluding the about face the litigation provision of $18.0 million, recovery of legal and expert fees of $2.0 million and income tax of $5.3 million, the yeartodate adjusted net loss was $1.8 million or $0.29 loss per share.Adjusted EBITDA loss for that fourth quarter of 2008 was $2.5 million likened to an adjusted EBITDA damaged $2.Two million within the fourth quarter last year. Yeartodate adjusted EBITDA, which excludes the reversal of the litigation provision and recovery of legal and professional fees, was $3.8 million in contrast to $8.8 million last year.Selling, general and administrative expenses (“SG&A”) through fourth quarter of 2008 increased by 3%or $0.5 million, even on a $5.Two million sales increase. Yeartodate SG&A increased by 3% or $2.Two million to $78.6 000 0000 or 48.0% of sales in comparison with $76.4 million or 48.3% of sales in 2009.Danier maintained a substantial budget at yearend with working capital $38.6 million offer $26.A million this past year.Danier Leather IncMore Danier Leather Inc .
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