A provision is a liability of uncertainty timing or amount; A liability is an obligation of an enterprise to transfer economic benefits as a result of past transactions or events.
With a longer than usual winter and extreme cold weather among the coldest winters in history in some parts of Canadacustomers were looking for extreme cold weather insulated jackets beyond what Danier had to offer. The weather, along with increased promotional pricing and insufficient quantities of parkas and cold weather related jackets, resulted in significantly lower outerwear sales.
Next winter season, Danier plans to adjust its product assortment to ensure a better selection of cold weather outerwear to improve its competitiveness in the outerwear category.
The continued growth in accessories is largely a reflection of the significant changes and investments made during the second quarter of last year beginning to take full effect.
During the third quarter of fiscalthe company launched the Danier. At present, sales from the eCommerce business did not have a meaningful impact on revenue as it launched midway through the quarter and is still in its early days.
However, preliminary indications and feedback received to date are positive and Danier believes that its transactional website will now allow it to reach a broader range of customers across Canada, including younger customers who are more accustomed to online shopping.
Gross profit as a percentage of revenue during the third quarter decreased by basis points to Gross profit margin during the first nine months of fiscal decreased by basis points to The decrease in gross margin was mainly due to higher markdowns and increased promotional activity in order to reduce inventory levels.
Gross profit margin was also affected by the weakened Canadian dollar relative to the U.
We are continuing to make a number of changes which we believe will produce meaningful improvements," said Jeffrey Wortsman, President and Chief Executive Officer.
To that end, over the past year, Danier has made changes to its senior leadership team, adding a number of key executives who we believe will be invaluable in driving the execution of the Company's strategic plan.
The enhanced senior leadership team includes the following: Elizabeth Margles, Vice President, Marketing and Chief Marketing Officer Elizabeth joined Danier in February and is responsible for leading the development and execution of the overall brand and marketing strategies for the retail store business and the recently-launched Danier.
Elizabeth brings 17 years of retail and fashion brand experience with a proven track record for launching and positioning national and international brands, having created and implemented successful strategies for well-known and luxury brands including Porter Airlines, Joe Fresh and Holt Renfrew.
She has also advised U. Crew and Nordstrom on market entry into Canada. Rodney McBrien, Vice President, Information Technology and Chief Information Officer Rodney joined Danier in January and is responsible for setting the direction and managing capital investments for all information technology systems in support of all Danier stores across the country, the Danier.
Rodney brings 20 years of consulting and direct leadership experience in all aspects of IT.
He joins Danier from IBM Global Services, where he led large-scale system implementation for companies in the retail industry. Brian Burgess, Executive Vice President, Merchandising, Sourcing and Planning Brian joined Danier in October and is responsible for merchandising strategies, product and assortment for all categories including apparel and accessories, and supplier relationships.
Brian brings to Danier 17 years of experience in the retail sector and apparel and accessories categories, proven business leadership and a track record for achieving results.
Michael Watson, Executive Vice President, Retail Operations Michael joined Danier in January and his responsibilities include overseeing Danier's human resources, store operations, and logistics and distribution. With more than 20 years' experience in the retail industry, Michael is recognized for his ability to motivate and build strong customer-focused cultures as well as for his operational and business acumen.
Bryan will continue in his current role with responsibility for financial strategy and the implementation of financial plans aligned with Danier's operational and growth strategies. He also maintains responsibility for financial reporting. As previously disclosed, Danier has been working on implementing its stated business strategy, which includes several key elements.
Among other things, Danier is continuing to focus on the growth of the accessories line of business, the introduction of online sales, as well as improved marketing, merchandising and brand messaging activities.
Danier's strategy is also focused on increasing leather outerwear and sportswear sales, building brand awareness to drive more traffic to our stores and grow profitable sales, and improving the effectiveness and efficiency of Danier's real estate on a broader company-wide basis.
In order to provide additional insight into the business, the Company has also provided certain non-IFRS data, including "EBITDA", "comparable store sales", and "working capital", each as defined below. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.
EBITDA is a financial metric used by management and some investors to compare companies on the basis of ongoing operating results before taxes, interest expense, interest income, impairment loss on property and equipment and amortization and its ability to incur and service debt.
EBITDA is also used by management to measure performance against internal targets, prior period results and other retailers.Researchers have used various measures as indications of “earnings quality” including persistence, accruals, smoothness, timeliness, loss avoidance, investor responsiveness, and external indicators such as restatements and SEC enforcement releases.
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