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Women's sleepwear product line drive Nitches net sales
22 Dec '07
2 min read
Nitches Inc announced its results for the year ended August 31, 2007
Consolidated net sales for fiscal 2007 grew 55% to $84.9 million versus $54.8 million for 2006. The increase was driven by organic sales growth in the Company's women's sleepwear and men's and women's sportswear product lines, as well as the inclusion of home décor results for the full fiscal year.
As of November 30, 2007 the Company had received orders for shipment through April 2008 of $36.3 million, representing a 38% increase over the prior year. At this time last year the Company had order backlog for the comparable period of $26.4 million. The increase is due to organic growth across the Company's sleepwear, sportswear and home décor product lines.
The Company reported a loss of $936,000 for fiscal year 2007, in comparison to net income of $468,000 in the year earlier period. Full year loss per weighted average share was $.18 in 2007 versus income of $.11 per share earned for fiscal 2006.
Per share amounts for both years reflect a 200% stock dividend issued on January 20, 2006 which had the effect of a 3-for-1 stock split. Per share amounts also reflect the weighted average effects of shares issued in conjunction with the acquisitions of Designer Intimates, the home décor product line of Taresha LLC, and Saguaro LLC.
Commenting on company performance, Chairman and CEO Steve Wyandt noted, "We are not pleased with the losses reported for the 4th quarter and fiscal year. In addition to disappointing gross margin performance, expenses during the year were negatively impacted by noncash amortization and stock compensation charges totaling $660,000, as well as an inventory write-off in the fourth quarter of $317,000 related to a discontinued product line."
Regarding the current fiscal year, Mr. Wyandt remarked, "We remain cautious for the current fiscal year in light of the weakening economy and the downward pressure that may continue to exert on our gross margins. Yet we are encouraged by our improved order backlog as we enter a period of traditionally lower seasonal sales volume for us."
Consolidated net sales for fiscal 2007 grew 55% to $84.9 million versus $54.8 million for 2006. The increase was driven by organic sales growth in the Company's women's sleepwear and men's and women's sportswear product lines, as well as the inclusion of home décor results for the full fiscal year.
As of November 30, 2007 the Company had received orders for shipment through April 2008 of $36.3 million, representing a 38% increase over the prior year. At this time last year the Company had order backlog for the comparable period of $26.4 million. The increase is due to organic growth across the Company's sleepwear, sportswear and home décor product lines.
The Company reported a loss of $936,000 for fiscal year 2007, in comparison to net income of $468,000 in the year earlier period. Full year loss per weighted average share was $.18 in 2007 versus income of $.11 per share earned for fiscal 2006.
Per share amounts for both years reflect a 200% stock dividend issued on January 20, 2006 which had the effect of a 3-for-1 stock split. Per share amounts also reflect the weighted average effects of shares issued in conjunction with the acquisitions of Designer Intimates, the home décor product line of Taresha LLC, and Saguaro LLC.
Commenting on company performance, Chairman and CEO Steve Wyandt noted, "We are not pleased with the losses reported for the 4th quarter and fiscal year. In addition to disappointing gross margin performance, expenses during the year were negatively impacted by noncash amortization and stock compensation charges totaling $660,000, as well as an inventory write-off in the fourth quarter of $317,000 related to a discontinued product line."
Regarding the current fiscal year, Mr. Wyandt remarked, "We remain cautious for the current fiscal year in light of the weakening economy and the downward pressure that may continue to exert on our gross margins. Yet we are encouraged by our improved order backlog as we enter a period of traditionally lower seasonal sales volume for us."
Nitches Inc
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