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Destination Maternity Reports Fourth Quarter and Fiscal 2018 Results
Operating loss of $9.6 million for fiscal 2018 versus an operating loss of $16.0 million in 2017
Adjusted EBITDA before other charges for fiscal 2018 increases 23% or $3.0 million versus 2017
Comparable retail sales for fiscal 2018 decline 1.8% versus 2017
Selling, General and Administrative expenses for fiscal 2018 decline 210 bps to sales versus prior year period
MOORESTOWN, N.J., April 16, 2019 Destination Maternity Corporation (NASDAQ: DEST), the worlds leading maternity apparel retailer, today announced financial results for the fourth quarter and full year of fiscal 2018 ended February 2, 2019 compared to the fourth quarter and full year of fiscal 2017 ended February 3, 2018.
Several factors represented significant headwinds for our business in the fourth quarter, said Marla Ryan, Chief Executive Officer of Destination Maternity. Challenging conversion results on our ecommerce sites and in store drove a 5.8% comparable sales decline and our promotional cadence and more aggressive approach to rightsizing inventory negatively impacted margins. We were diligent in tightly managing our expenses, which mostly offset the impact on profitability, but know that we need to do better.
As we look to the balance of the year, we are actively taking measures to ensure we execute against our long-term strategic plan, Destination -> Forward. There is much to do to deliver satisfactory results and the scope of the changes we are making are causing our transition to a more nimble and profitable organization to take longer than previously anticipated. As a result of this and the headwinds impacting the business in the quarter, we are updating our Full Year 2019 guidance to reflect reductions in sales and profitability for the year.
We remain committed to optimizing our infrastructure, creating a more efficient organization and developing innovative products and solutions for our new moms and moms2be. We are confident that what we are doing will generate long-term shareholder value.
The following information was filed by Destination Maternity Corp (DEST) on Tuesday, April 16, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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