Sportcoats marketer Hartmarx's 9-month revenues up 1.6%
29 Sep '05
3 min read
Men's and women's casual apparel marketer Hartmarx Corporation reported operating results for its third quarter and nine months ended August 31, 2005. Third quarter revenues were $152.1 million in 2005 compared to $155.8 million in 2004. Net earnings improved to $6.6 million or $.18 per diluted share in the current period compared to net earnings of $5.0 million or $.14 per diluted share in the third quarter of 2004.
For the nine months, revenues increased 1.6 percent to $441.7 million from $434.8 million in 2004. Net earnings improved to $16.2 million or $.44 per diluted share compared to net earnings of $10.1 million or $.28 per diluted share in 2004.
Homi B. Patel, Chairman and Chief Executive Officer of Hartmarx, commented that they are pleased to have achieved another significant increase in earnings compared to the year earlier period.
The noticeable softening in demand from retail customers during August resulted in some shipments being delayed from the third to the fourth quarter. Nonetheless, changes in product mix, efficient utilization of owned manufacturing facilities and refinements to our offshore sourcing have enabled us to improve operating margins for each of the first three quarters.
Retail sales have generally been sluggish recently and near-term expectations are being impacted unfavorably by high gas prices and the uncertainty of the aftermath of the hurricanes.
They expect that certain of the sales delayed in the third quarter will be realized during our fourth quarter, producing an increase in revenues for the full year at the low end of our previous guidance of a low to mid-single digit increase. Our full year earnings should continue to reflect improved operating margins.
marketing@alchempro.com
