Destination Maternity reported net income of $1.3 Million ($0.20 Diluted EPS) for the first quarter ended Dec 31, compared to a net loss of $46.9 Million (-$7.86 Diluted EPS) in the year-ago period. Net sales declined 0.8% to $133.8 Million, while same-store sales decreased 5.9%. Commenting on the results, CEO Ed Krell said “We continue to make significant progress in improving the profitability of our business, even in the face of a difficult sales environment, while also pursuing initiatives to drive profitable future growth in sales. Although we are not at all satisfied with our comparable store sales performance for the quarter, we believe it reflects: (i) the continued difficult overall retail environment; and (ii) our relatively stronger comparable store sales performance for the first quarter of last year compared to most apparel retailers, with our comparable store sales only having decreased 0.5% for last year’s first quarter.”
