Destination Maternity (DEST) Reports Q2 Loss of $0.13 on Revenues of $98.3M

Destination Maternity (NASDAQ: DEST) reported Q2 EPS of ($0.13). Revenue for the quarter came in at $98.3 million.

Second Quarter Fiscal 2017 Financial Results

• Net sales were $98.3 million compared with $106.5 million for the comparable prior year quarter. The decrease was driven by the closure of underperforming stores, a decline in comparable sales, and exit of the Kohl\'s® relationship, which was included in prior year results.
• Comparable sales decreased 3.4%, compared to a 2.7% decrease for the second quarter of fiscal 2016. Comparable sales for the second quarter of fiscal 2017 included a 30.2% increase in e-commerce sales.
• Gross margin was 53.0%, up 150 basis points over the comparable prior year quarter gross margin of 51.5%.
• SG&A for the second quarter of fiscal 2017 decreased 6.7% to $52.8 million, compared to $56.6 million for the second quarter of fiscal 2016. As a percentage of net sales, SG&A increased to 53.7% for the second quarter of fiscal 2017 compared to 53.1% for the second quarter of fiscal 2016.
• The Company incurred store closing, asset impairment and asset disposal expenses of $1.1 million compared to expenses of $0.4 million for the second quarter of fiscal 2016.
• Other charges, net during the second quarter of fiscal 2017 resulted in income of $0.2 million, primarily related to the now terminated merger, compared to charges of $0.9 million in the second quarter of fiscal 2016, primarily for management and organizational changes and the now terminated merger.
• Adjusted EBITDA before other charges was $4.1 million compared to $3.3 million for the second quarter of fiscal 2016. Adjusted EBITDA before other charges is defined in the financial tables at the end of this press release.
• GAAP net loss was $2.8 million, or $0.20 per diluted share, compared to GAAP net loss of $2.5 million, or $0.18 per diluted share, for the second quarter of fiscal 2016.
• Adjusted net loss was $1.8 million, or $0.13 per diluted share, compared to adjusted net loss of $2.0 million, or $0.14 per diluted share, for the second quarter of fiscal 2016. For a reconciliation of GAAP to non-GAAPfinancial information refer to the financial tables at the end of this press release.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c
• Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c