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Nitches to celebrate grand opening of eighth Backwoods store
26
Apr '08
Nitches Inc announced its results for the three and six months ended February 29, 2008.

Nitches reported that consolidated net sales for the second quarter of fiscal 2008 increased 13.1% to $16.1 million versus $14.3 million for the second quarter of 2007.

The sales increase was attributable primarily to an increase in shipments of men's sportswear and women's sleepwear product.

Consolidated net sales for the six months ended February 29, 2008 decreased 1% to $49.3 million versus $49.7 million for the six months ended February 28, 2007. The sales decrease was attributable primarily to a decrease in shipments of men's sportswear in the first quarter of fiscal 2008.

The Company reported a consolidated net loss of $1.9 million for the second quarter of fiscal 2008 versus a net loss of $530,000 in the prior year.

Second quarter loss per basic and diluted share were $.32 versus a loss of $.10 per basic and diluted share for the second quarter of fiscal 2008.

Consolidated net loss of $1.4 million for the six months ended February 29, 2008 compares with net income of $689,000 for the six months ended February 28, 2007.

For the current year period, the loss was $.25 per basic and diluted share versus earnings of $.14 per basic share and $.13 per diluted share for the first half of fiscal 2007.

Net sales and consequently earnings were negatively impacted during the current three and six month periods by lower realized gross margins due to pricing pressures and higher sales allowances granted to significant customers amid a weakening retail environment.

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