Hampshire Group declares Q3 same store sales climb 6.5%
04 Nov '05
3 min read
Leading supplier of apparel, Hampshire Group Limited announced results for the third quarter and nine months ended October 1, 2005. Net sales during the quarter were $123,592,000 compared with $116,104,000 for the same period during the prior year, an increase of 6.5 percent. For the current quarter, net income was $6,927,000, or $0.85 per diluted share, compared with net income of $6,940,000, or $0.84 per diluted share during the third quarter of 2004.
During the first nine months of 2005, net sales were $220,305,000 compared with $196,753,000 for the same period during the prior year, or a 12 percent increase. Net income for the first nine months of 2005 was $8,659,000, or $1.05 per diluted share, compared with net income of $5,393,000, or $0.65 per diluted share, during the first nine months of 2004.
The nine-month period of 2005 includes net non-recurring income of $2,755,000 relating to a settlement with two former employees of claims by the Company arising in respect to improper payments by a former vendor of the Company to the former employees. The non-recurring income, after provision for income taxes, contributed $0.34 to net income per diluted share during the nine-month period.
In the third quarter, sales of related separates were strong, reflecting increased sales of private label products to supplement the Requirements brand. Men's sweaters had a strong quarter in comparison with the prior year. Sales of women's sweaters were reduced,but expenses were also reduced.
marketing@alchempro.com
