Destination Maternity (DEST) Reports Q4 Loss of $0.11; CFO Tirnauer Resigns

March 29, 2016 8:37 AM

Destination Maternity (NASDAQ: DEST) reported Q4 EPS of ($0.11), versus ($1.02) reported last year. Revenue for the quarter came in at $118.29 million, versus $121.18 million reported last year.

Comparable sales decreased 3.5%, compared to a 1.0% decrease for the three month period ended January 31, 2015.

Destination Maternity also announced that Judd P. Tirnauer, Executive Vice President & Chief Financial Officer will depart the Company to take a senior leadership role with a private specialty retailer. Mr. Tirnauer will remain with the Company until April 22, 2016 to ensure a smooth transition. The Company intends to immediately commence a search for a new chief financial officer.

Anthony Romano, Chief Executive Officer, President and Director of the Company, stated: "On behalf of myself, our Board and all of our team members, I wish to thank Judd for his many contributions during his time at Destination Maternity and for his support of me over my eighteen months with the Company. Judd joined Destination Maternity (then known as Mothers Work, Inc.) in November 2001 as our Director of Financial Planning & Analysis and quite impressively ascended through the financial side of the business to eventually become the Company's Chief Financial Officer in 2008. One of Judd's great accomplishments in that position has been his development of a strong financial team, as well as strong internal control processes, that leave us well positioned as we move forward after his departure. I appreciate his professionalism in offering to help us with an orderly transition before he leaves for his new opportunity and I wish him the best."

Judd P. Tirnauer stated: "Following a fifteen year career at Destination Maternity, I believe the time is right to make a personal change and pursue a senior leadership role with another specialty retailer. I am making this transition with Destination Maternity having a solid financial and operational foundation and a talented team to continue to execute its turnaround. I am grateful I had the opportunity to work with such a passionate and driven team and I wish the Company and all of its team members the very best."

For earnings history and earnings-related data on Destination Maternity (DEST) click here.

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