TORONTO - Danier Leather Inc. (TSX:DL) has seen its net loss widen in the company's fiscal 2014 first quarter despite a slight increase in revenue.
The Toronto-based manufacturer and retailer or leather apparel and fashion accessories said Tuesday that its net loss in the 13-week period ended Sept. 28 was just $3.6 million or 93 cents per share.
That compared with a loss of $3.5 million or 74 cents per share in the comparable year-earlier period.
Revenue was $24.2 million, up five per cent from $23.1 million,
Comparable store sales, an important metric in the retail industry, increased three per cent, while the company said one new shopping mall store and one new outlet location were opened in the latest period.
Despite the increase in the number of locations to 91 from 89, overall retail space declined to 287,657 square feet from 292,836, the company said.
Selling, general and administrative expenses in the quarter increased by $700,000 to $17.1 million.
"Danier has made several investments to support the growth of its higher-margin accessories business and to enhance merchandise planning and sourcing capabilities as it works to continue implementing its previously announced strategic plan, the company said in its earnings release.
Danier shares closed up 37 cents, or 3.08 per cent, at $12.37 Tuesday on the Toronto Stock Exchange.
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