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TORONTO, ONTARIO -- (Marketwire) -- 01/30/13 -- Danier Leather Inc. (TSX: DL) today announced its unaudited interim consolidated financial results for the 13 week and 26 week periods ended December 29, 2012.
FINANCIAL HIGHLIGHTS ($000s, except earnings per share (EPS), square footage and number of stores):
---------------------------------------------------- For the 13 Weeks Ended For the 26 Weeks Ended---------------------------------------------------------------------------- Dec. 29, Dec. 24, Dec. 29, Dec. 24, 2012 2011 2012 2011----------------------------------------------------------------------------Sales $ 66,128 $ 59,487 $ 89,226 $ 81,578----------------------------------------------------------------------------EBITDA(1) 12,727 12,642 8,713 9,685----------------------------------------------------------------------------Net Earnings 8,404 8,466 4,946 5,698----------------------------------------------------------------------------EPS - Basic $ 1.92 $ 1.83 $ 1.10 $ 1.23----------------------------------------------------------------------------EPS - Diluted $ 1.86 $ 1.77 $ 1.06 $ 1.19----------------------------------------------------------------------------Number of Stores 90 91 90 91----------------------------------------------------------------------------Retail Square Footage 294,909 306,702 294,909 306,702----------------------------------------------------------------------------
Sales during the second quarter of fiscal 2013 increased by 11% or $6.6 million to $66.1 million compared with $59.5 million during the second quarter last year. Comparable store sales(2) increased by 13%. Boxing Week sales were included in the second quarter this year whereas last year's Boxing Week sales were included in the third quarter.
Sales on a comparable week basis, which includes Boxing Week in both periods and compares the 13 weeks ended December 29, 2012 to the 13 weeks ended December 31, 2011, decreased by 1%. Comparable store sales, on a comparable week basis, were unchanged.
In line with our stated strategy, on a comparable week basis, accessory sales continued to perform well, increasing by 6% during the second quarter over the corresponding period last year. Accessories represented 32% of total merchandise revenue during the second quarter compared with 30% during the corresponding period last year.
Mainly due to unusual weather, including the relatively late arrival of winter in the major Toronto and Montreal markets, and a snowstorm that interrupted Boxing Day-related shopping in the eastern region of Canada, outerwear sales decreased by 5% during the 13 weeks ended December 29, 2012 compared with the 13 weeks ended December 31, 2011.
Year-to-date sales increased by 9% or $7.6 million to $89.2 million, while comparable store sales increased by 10% compared to the corresponding period last year. On a comparable week basis, with the 26 weeks ended December 29, 2012 compared to the 26 weeks ended December 31, 2011, sales decreased by 1% and comparable store sales were unchanged. Year-to-date accessory sales, on a comparable week basis, with the 26 weeks ended December 29, 2012 compared to the 26 weeks ended December 31, 2011, increased by 7% and represented 34% of total merchandise revenue compared with 31% of total merchandise revenue during the same period last year.
