Destination Maternity Q4 profit triples
Philadelphia -- Destination Maternity said its fourth-quarter net income tripled as cost-cutting measures paid off, even as sales in some categories fell.
The company earned almost $4.3 million for the quarter that ended Sept. 30, up from $1.4 million during the same period last year. Revenue rose slightly to $124.3 million, from $123.8 million a year earlier. Same-store sales fell 2.3%.
The slight increase in fourth-quarter revenue resulted mostly from the relaunch of its Two Hearts Maternity collection in Sears and Kmart stores in October 2009 and from sales online and abroad.
The company operated 698 stores at the end of the quarter, down from 724 a year earlier. However, it expanded its leased department store locations to 1,027, from 360 a year earlier.