Just a few weeks after I announced I bought some shares, Danier Leather came out with its 4th quarter and full year 2014 results, which were more craptacular than having to explain for the 4,999th time why you don’t drink alcohol.

For the full year, revenue came in more than 10% lower than last year, and the stock ended up losing $2.00 per share. The 4th quarter wasn’t great either, as sales were down something like 15% and the loss was more than double last year’s.

A couple of things led to the crummy numbers. Since the winter was so long and cold, it ran out of winter jackets and delayed the move into spring/summer wear. There was a month or so that customers (and the weather) didn’t cooperate. Often the weather is a copout when it comes to retail sales numbers, but I tend to believe them on this one.

Margins stunk because the company’s promotions didn’t exactly work out as expected, leading it to liquidate a lot of inventory at a big discount. Gross margins fell from 46.6% to 39.9%.

The good news is that handbag sales continued to increase, and the company’s accessory business now makes up 39% of its revenue, up from 33% last year, and well on pace to meet management’s goals of between 40-50%. Handbags aren’t so weather dependent either.

The company also opened up a website in 2014, and has seen great growth from it. The website doesn’t represent much in sales now, but it’s 2014. You gotta have a website.

The balance sheet is still in good shape, and book value comes in at $12.56 per share. The stock has recently dipped to $8.80, which means I’m down about 5% so far. Not sure if I’m going to buy more. On the one hand, these are pretty much the very definition of short-term problems, but on the other, these are pretty crummy results.

I’m happy to hold, anyway.

Freelance links

Oh hey, it’s time for another week of your pal Nelly’s best stuff over from Motley Fool. Let’s not delay.

Because I am whatever the opposite of tactful, it’s yet another piece on BlackBerry, where I declare the turnaround over. Yes, I am the boss of such things. The company just hired a guy to head up a division which has one job — to monetize patents. That’s a good idea. Another good idea? My relentless BlackBerry pimping.

Why rental property is a crummy deal, and why you should buy REITs instead. Now, I don’t think rental properties are always a crummy deal, but in Canada, in 2014, they obviously are.

I wrote about why Tim Hortons is the perfect stock for billionaire investor and wet dream inducing grandfather Warren Buffett. I’d like Warren to be my grandfather and tell me folksy stories about what it was like to invest in the 1960s.

You guys should all know by now I tend to avoid the large-caps, because small-caps aren’t followed as closely represent a better chance of nice returns. But if I was going to buy a big Canadian company, it would probably be Rogers Communications. Here’s why. 

Penn West Petroleum has too much debt for my tastes, but there could be an opportunity to make some money on the troubled name. Move your eyes over some words I wrote about it.

And that’s it. See you guys on Monday.

Tell everyone, yo!