Destination Maternity (DEST) Q312 Sales Miss Views; Sees GAAP EPS Below Prior Guidance
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Destination Maternity Corporation (Nasdaq: DEST) reports Q312 sales of $138.8 million, down 5.3 percent year-over-year.
Comps fell 2.4 percent.
Ed Krell, Chief Executive Officer of Destination Maternity, noted, "Our sales for the third quarter of fiscal 2012 were lower than planned, as our strong early sales of Spring/Summer product in February and March did not continue into the April-June period. Our gross margin was also lower than planned, due to increased price promotional activity and additional markdowns taken to spur sales and manage inventory levels. With this lower than planned sales and gross margin, partially offset by our continued tight management of expenses, we expect our GAAP diluted earnings per share for the third quarter to be between $0.51 and $0.53 per share, below the low end of our prior earnings guidance range. Our prior earnings guidance range for third quarter GAAP diluted earnings per share, as provided in our April 26, 2012 press release, was $0.57 to $0.70 per share."
The Street is expecting sales of $146.3 million and EPS of 67 cents.
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Comps fell 2.4 percent.
Ed Krell, Chief Executive Officer of Destination Maternity, noted, "Our sales for the third quarter of fiscal 2012 were lower than planned, as our strong early sales of Spring/Summer product in February and March did not continue into the April-June period. Our gross margin was also lower than planned, due to increased price promotional activity and additional markdowns taken to spur sales and manage inventory levels. With this lower than planned sales and gross margin, partially offset by our continued tight management of expenses, we expect our GAAP diluted earnings per share for the third quarter to be between $0.51 and $0.53 per share, below the low end of our prior earnings guidance range. Our prior earnings guidance range for third quarter GAAP diluted earnings per share, as provided in our April 26, 2012 press release, was $0.57 to $0.70 per share."
The Street is expecting sales of $146.3 million and EPS of 67 cents.
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