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Fashion apparel sales tumble at Sport-Haley
21
Feb '09
Sport-Haley Inc reported unaudited earnings for its second fiscal quarter and six months ended December 31, 2008.

Net sales of fashion apparel for the three months ended December 31, 2008, were $3,225,000, a decrease of $1,160,000, or 26%, from net fashion apparel sales of $4,385,000 for the comparable three-month period in the prior fiscal year. Net sales of fashion apparel for the six months ended December 31, 2008, were $6,049,000, a decrease of $1,744,000, or 22%, from net fashion apparel sales of $7,793,000 for the comparable six-month period in the prior fiscal year.

Net sales of branded apparel were $26,000 and $146,000 for the three months and six months ended December 31, 2007, respectively, were comprised of shipments to a retailer for a test in 50 of its stores. We discontinued marketing branded apparel bearing the Top-Flite label in November 2007, and in March 2008 our license agreement with Callaway was amended to remove the Top-Flite brand, effective January 1, 2008.

As a percentage of net sales, gross profit of our fashion apparel was 32% and 30% for the three months and six months ended December 31, 2008, and was 41% and 38%, for the three months and six months ended December 31, 2007, as corrected, respectively. As a percentage of net sales, gross profit of our branded apparel was 0% and 0% for the three months and six months ended December 31, 2008, and was (77%) and 3% for the three months and six months ended December 31, 2007, as corrected, respectively.

Net loss for the three months ended December 31, 2008, was ($142,000), a difference of ($119,000), or 517%, as compared with the net loss of ($23,000) for the three months ended December 31, 2007, as corrected. Net loss for the six months ended December 31, 2008, was ($1,182,000), a difference of ($490,000), or 71%, as compared with the net loss of ($692,000) for the six months ended December 31, 2007, as corrected. Basic and diluted losses per share were ($0.06) and ($0.01) for the three-month periods ended December 31, 2008 and 2007, as corrected, respectively.

Basic and diluted losses per share were ($0.52) and ($0.30) for the six-month periods ended December 31, 2008 and 2007, as corrected, respectively. All securities options were anti-dilutive and therefore excluded from the per share calculations with respect to periods in which net losses were incurred.

Sport-Haley Inc

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