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Design Within Reach (DWRI)
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DWRI » Topics » Non-GAAP Financial Information

This excerpt taken from the DWRI 8-K filed May 14, 2008.

Non-GAAP Financial Information

This press release presents product margin, which is a non-GAAP financial measure within the meaning of applicable SEC rules and regulations. The Company believes product margin is a useful financial measure as it removes the impact of shipping revenues and expenses from gross margin. Management believes shipping operations do not reflect the core operations of Design Within Reach’s business and do not represent a profit center as shipping margins are expected to trend to zero. For a reconciliation of product margin to the most comparable GAAP measure, see the following reconciliation of GAAP gross margin to product margin.

 

Amounts in thousands

    Thirteen
Weeks Ended
March 29, 2008		     Thirteen
Weeks Ended
March 31, 2007		  

Product Sales

    $ 43,349     $ 40,685  

Commissions, License and Royalty Fees

      10       —    

Shipping Revenue

      3,555       3,163  
                

Net Sales

    $ 46,914     $ 43,848  

Product Gross Profit

    $ 21,911     $ 18,567  

Product Margin %

      50.5 %     45.6 %

Commissions, License and Royalty Fees Gross Profit

      8       —    

Commissions, License and Royalty Fees Margin %

      80.0 %     —    

Shipping Gross Profit

      257       (222 )

Shipping Margin %

      7.2 %     (7.0 )%

Total Gross Profit

    $ 22,176     $ 18,345  

Total Gross Margin %

      47.3 %     41.8 %
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