Nitches Inc announced its results for the three and nine month periods ended May 31, 2007. Consolidated net sales for the third quarter of fiscal 2007 increased 54% to $19.5 million versus $12.6 million for the third quarter of 2006.
This increase was primarily attributable to additional unit sales of our menswear and private label women's sleepwear product lines and the inclusion of sales of our home décor product line.
The Company reported a consolidated net loss of $432,000 for the third quarter of fiscal 2007 versus net income of $33,000 in the prior year. The loss derived primarily from higher selling and merchandising expenses in the current quarter and lower gross margins.
The Company incurred greater expense due to the overhead of the home décor and Saguaro product lines at a time of seasonally low sales volume for these products. The Company realized lower gross margins during the current period due to a higher concentration of private label sleepwear sales at a lower gross margin. The third quarter loss per basic and fully diluted share was $.08 versus income of $.01 per share for the third quarter of fiscal 2006.
For the nine months ended May 31, 2007, consolidated net sales increased 74% to $69.2 million versus $39.6 million for the prior period. The Company earned $.05 per basic and diluted weighted average share, compared to income of $.15 per basic and diluted share in the year earlier period. Earnings per share for the current period have been reduced by approximately $.06 per share, basic and diluted, due to the effect of expensing stock options during the period.
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