DANIER LEATHER INC.
INVESTING
By Julia Craig
COMPANY OFFICERS
 Company Officers
 Jeffrey Wortsman
President and CEO
 Olga E. Koel
 Executive Vice-President and Chief Merchandise
Officer
 Bryan Tatoff, C.A.
 Senior Vice-President, CFO and Secretary
 Philip J. Cutter
 Vice-President, Information Technology and CIO
 Guia Lopez
 Vice-President and Chief Sourcing Officer
 Bruce Aitken
 Vice-President, Planning and Allocation
 Karen J. Marshall
 Vice-President, Logistics and Distribution
 Cris Ruivo
 Vice-President, Store Operations
 Cheryl Sproul
 Vice-President, Human Resources
 Jennifer Steckel Elliott
 Vice-President, Marketing
OFFICES AND COMPANY RELATIONS
 Investor Relations
 Bryan Tatoff
Senior Vice-President,
CFO and Secretary
Telephone: 416.762.8175 ext. 328
bryan@danier.com
 Bankers
 Canadian Imperial Bank of Commerce,
Toronto
HSBC Bank Canada,
Toronto
 Head Office
 2650 St. Clair Avenue West
Toronto, Ontario M6N 1M2
Telephone: 416.762.8175
Fax: 416.762.4570
www.danier.com
 Auditors
 PricewaterhouseCoopers LLP,
Toronto
 Legal Councel
 Davies Ward Phillips & Vineberg LLP, Toronto
 Registrar and Transfer Agent
 Computershare Investor Services Inc.
COMPANY PRODUCTS AND SERVICES
 Values
 Always remembering the customers’ point of view;
 Having a passion for our customers, products and work;
 Finding ways to do things better;
 Finding solutions to problems; and
 Encouraging everyone to speak freely about ways to improve our business while
also listening to other
 Apparel and Accessories business for 39 years. Offers high-quality,
sophisticatedly crafted leather products at an astonishingly reasonable
price. They have stores in 89 malls, strip plazas, street-front stores and
more.
REPORT OF THE INDEPENDENT AUDITORS
 PricewaterhouseCoopers LLP
 “In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of Danier Leather Inc. and its as
of June 25, 2011 and June 26, 2010 and the results of their operations
and their cash flows for the years then ended in accordance with
Canadian generally accepted accounting principles.”
LETTER TO THE SHAREHOLDERS
 Margin improvements – 180 basis point agreement
 Improvements attribute to performance of accessories
 Efforts focusing on brand and store itself
 Multiple labels to associate with different consumer demographics
 Added a Guest Designers collection
 Switching up sources for products from China alone and began
manufacturing in Canada
 Thankful for customers continued loyalty
FINANCIAL STATEMENTS
 Subordinate voting shares are the companies most important source of financing.
 Overall cash has increased over the past 2 years
 The company is not expanding through investing activites. (2011: 2,390 – 2010: 2,672
 Balance sheet: Show that Assets = Liabilities + Owners’ Equity for the past year.

$76 477 = $13 813 + $62 664
 FCF – 2293
 Net income

2011 - 7638

2010 - 7219
 The Cash Flow is less than the net income for the past two years. The net income is
increasing and seems to be continuing to do so.
 Net earnings

2011 - $1.63

2010 - $1.30
CONCLUSION
 Focusing on the margin improvement to maximize profit
 Shares are undervalued
 Significant yearly growth of 23%
 10 year average equity return is only 5%
 The company would be a good investment if they continued to keep
their earnings high but the history leaves reason to believe that is
unlikely to happen
 There are 30% lower shares in 2011 than in 2007
 I think that it isn’t an ideal investment but you would gain more than
you would lose
 There is a strong that the value will rise rather than fall