Profits down at Danier Leather

Published:  20 August, 2013

Danier Leatherís 2013 annual profit was down from last year, as the leather goods retailer and manufacturer invested more to support its growth strategy.

The Toronto-based company reports it had $1.4 million of net earnings for the financial year ended June 29, down from $4 million in fiscal 2012. Danierís revenue was up however, rising to $154.96 million from $148.2 million.

The companyís 2013 financial year included a larger loss in the seasonally weak fourth quarter.

During the period covering April, May and June, Danier had a $1.65 million net loss, or 69 cents per share.

That compared with a loss of $2.1 million or 45 cents per share in the fourth quarter of fiscal 2012, which had 14 weeks rather than the standard 13 weeks. Fourth quarter sales this year were $28.37 million, up from $27.5 million in 2012.

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