Leading casual & golf apparel producer & marketer Hartmarx Corporation reported operating results for its second quarter and six months ended May 31, 2005. Second quarter revenues were $145.7 million compared to $142.4 million in 2004.
Net earnings improved by 83% to $5.4 million or $.15 per diluted share in the current period compared to net earnings of $3.0 million or $.08 per diluted share last year. For the six months, revenues increased 3.8% to $289.6 million from $279.0 million in 2004. Net earnings improved to $9.6 million or $.26 per diluted share compared to net earnings of $5.1 million or $.14 per diluted share in 2004.
Homi B. Patel, chairman and chief executive officer of Hartmarx, commented, "Our significantly improved earnings for the second quarter and six months reflect the results of our ongoing strategies to increase operating margins through changes in product mix, efficient utilization of owned tailored clothing factories and refinements to our offshore sourcing. Both the men's and women's operating segments achieved first half revenue and earnings increases.
Our 3.8% first half consolidated revenue improvement included approximately $16 million of Misook sales this year, offset by nearly $17 million attributable to a men's license and a women's private label program which concluded last year.
We are on target with our previously stated guidance of achieving a full year revenue increase in the low to mid single digit range. With our better than expected first half earnings, we are raising our full year earnings guidance. We now anticipate earnings to increase in the range of 40% to 45%, up from our previous guidance of a 30% to 40% improvement," Mr. Patel concluded.
marketing@alchempro.com
