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Nitches swings back to profit in fiscal '06 Q2
19 Apr '06
2 min read
Apparel retailer Nitches Inc has announced its results for the three and six month periods ended February 28th 2006.
The company earned consolidated net income of $45,000 for the second quarter of fiscal 2006, reversing a $524,000 loss in the year earlier period. Second quarter earnings per split-adjusted share were $.01 versus a loss of $.15 for the second quarter of fiscal 2005.
Consolidated net sales for the second quarter of fiscal 2006 increased 89 percent to $12.3 million versus $6.5 million for the second quarter of 2005 due to net sales contributed by the company's newly acquired Designer Intimates business.
Consolidated net sales for the first half of fiscal 2006 rose 110 percent to $27.0 million from $12.9 million for the first half of fiscal 2005. Designer Intimates contributed $12.3 million of the $14.1 million increase.
For the second half of the fiscal year ending August 31st 2006 the company has shipped and on-hand orders totaling $26.0 million. At this time last year the company had comparable orders of $12.7 million. Additionally, to date the company has received orders for shipment in the first quarter of fiscal 2007 of $15.0 million. At this time last year the company had comparable orders on hand for the first quarter of fiscal 2006 of $1.5 million.
On October 24th 2005, Nitches acquired the remaining seventy-two percent (72 percent) of Designer Intimates Inc which it did not own, resulting in the company owning one hundred percent (100 percent) of Designer Intimates.
Nitches Inc has been designing and marketing quality apparel for niche markets since 1971. It is headquartered in San Diego, California with offices in Los Angeles, New York City, Hong Kong and Istanbul.
The company earned consolidated net income of $45,000 for the second quarter of fiscal 2006, reversing a $524,000 loss in the year earlier period. Second quarter earnings per split-adjusted share were $.01 versus a loss of $.15 for the second quarter of fiscal 2005.
Consolidated net sales for the second quarter of fiscal 2006 increased 89 percent to $12.3 million versus $6.5 million for the second quarter of 2005 due to net sales contributed by the company's newly acquired Designer Intimates business.
Consolidated net sales for the first half of fiscal 2006 rose 110 percent to $27.0 million from $12.9 million for the first half of fiscal 2005. Designer Intimates contributed $12.3 million of the $14.1 million increase.
For the second half of the fiscal year ending August 31st 2006 the company has shipped and on-hand orders totaling $26.0 million. At this time last year the company had comparable orders of $12.7 million. Additionally, to date the company has received orders for shipment in the first quarter of fiscal 2007 of $15.0 million. At this time last year the company had comparable orders on hand for the first quarter of fiscal 2006 of $1.5 million.
On October 24th 2005, Nitches acquired the remaining seventy-two percent (72 percent) of Designer Intimates Inc which it did not own, resulting in the company owning one hundred percent (100 percent) of Designer Intimates.
Nitches Inc has been designing and marketing quality apparel for niche markets since 1971. It is headquartered in San Diego, California with offices in Los Angeles, New York City, Hong Kong and Istanbul.
Nitches Inc
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