Destination Maternity (DEST) Reports Q1 EPS of $0.03; Updates FY16 Outlook

Destination Maternity (NASDAQ: DEST) reported Q1 EPS of $0.03, versus $0.27 reported last year. Revenue for the quarter came in at $124.4 million, versus $141.6 million reported last year.

Comparable sales decreased 5.4%, compared to a 1.1% decrease for the first quarter of fiscal 2015 (13 weeks ended May 2, 2015).

The Company updated its financial guidance for fiscal 2016 as follows:

• Comparable sales expected to be flat for the full fiscal year with greater improvement in the second half of fiscal 2016;
• Gross margin to increase approximately 200 to 300 basis points year-over-year, as inventory productivity initiatives continue to generate more profitable sales;
• SG&A dollars will continue to decline, with some deleveraging as a percent of sales on a full year basis;
• Capital expenditures to be $15 to $17 million, driven by investments in systems, infrastructure, and modest store growth;
• The Company plans to open 7 to 10 new stores and close 25 to 35 stores.

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

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