The Company’s consolidated net sales for the quarter were $135.3 million compared to $138.3 million for the same quarter last year. Print sales were down 8.2% on a comparable quarter basis, from $86.1 million to $79.0 million. Apparel sales increased 7.6% (volume up 12.7% and selling price per unit down 4.9%) for the comparable quarter, from $52.3 million to $56.3 million.
Consolidated gross profit margin ("margin") for the quarter increased 260 basis points from 24.5%, for the same quarter last year, to 27.1%. For a quarter comparison basis, print margin remained relatively stable at 30.0% plus, while apparel margin increased from 14.4% to 23.1%.
Apparel margin continued to increase on both a comparable and sequential quarter basis, due to lower input costs and higher production levels. As a result, net earnings increased from $7.6 million, or 5.5% of net sales, for the quarter ended August 31, 2012 to $9.8 million, or 7.2% of net sales, for the quarter ended August 31, 2013. Diluted earnings per share increased 31.0% from $0.29 for the 2012 quarter to $0.38 for the 2013 quarter.
For the six month period, net sales decreased from $280.9 million to $273.8 million, or 2.5%. Print sales for the six month period were $160.4 million, compared to $173.4 million for the same period last year, a decrease of $13.0 million, or 7.5%.
Apparel sales for the six month period were $113.4 million, compared to $107.5 million for the same period last year, or an increase of $5.9 million or 5.5% (volume up 11.6% and price down 6.1%). The consolidated margin increased from 22.1% to 26.5% for the six months ended August 31, 2012 and 2013, respectively. Print margin increased during the period from 29.3% to 29.9%, as a result of the elimination of duplicative costs associated with the integration of acquisitions.
Apparel margin increased 1,110 basis points from 10.6% to 21.7% during the period, due to lower input costs and increased production levels. Net earnings increased from $11.5 million, or 4.1% of net sales, for the six months ended August 31, 2012 to $18.3 million, or 6.7% of net sales, for the six months ended August 31, 2013. Diluted earnings per share increased 59.1% from $0.44 to $0.70 for the six months ended August 31, 2012 and 2013, respectively.
During the quarter, the Company generated $19.0 million in EBITDA (a non-GAAP financial measure calculated as net earnings before interest, taxes, depreciation, and amortization) compared to $15.7 million for the comparable quarter last year. For the six month period ended August 31, 2013, the Company generated $35.9 million of EBITDA compared to $25.7 million for the comparable period last year.
Textiles | On 2nd Dec 2016
The currency crisis in India, marked by insufficient supply of new...
Textiles | On 2nd Dec 2016
There is huge potential for increase in nylon consumption said...
Apparel/Garments | On 2nd Dec 2016
Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...
‘Online economy has changed the whole dynamics of buying habits.’
Mangalam Industries Pvt Ltd
‘The manufacturing sector is improving day-by-day, becoming better in...
‘France had a reputation of being big in new ideas, but poor in marketing...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Hyderabad-based designer Prathyusha Garimella is known for blending...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...
Apparel/Garments | On 30th Nov 2016