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Nitches swings back to profit in first-quarter
20 Jan '06
2 min read
Wholesale clothing retailer Nitches Inc has reported its results for the three months ended November 30, 2005.
The company earned consolidated net income of $520,000 for the first quarter of fiscal 2006, reversing a $12,000 loss in the year ago period.
On October 24 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.
The primary reason for the acquisition was to acquire the trademarks and brand licenses held by Designer Intimates to complement the company's broad production base and provide a platform for future revenue growth.
Nitches currently distributes men's casual lifestyle clothing by Newport Blue®, Dockers® men's swimwear and t-shirts, golf apparel by The Skins Game, women's sleepwear and loungewear by Body Drama® and women's western wear by Adobe Rose®, Saguaro® and Southwest Canyon®.
The company also develops and manufactures private label products for many leading retailers and catalogs.
Consolidated net sales for the first quarter of fiscal 2006 increased 132 percent to $14.7 million versus $6.3 million for the first quarter of 2005. Net sales contributed by the company's newly acquired Designer Intimates business totaled $6.4 million.
At November 30 2005, the company had unfilled customer orders of $23.4 million compared to $13.0 million at the same time last year, with such orders generally scheduled for delivery by May 2006 and May 2005, respectively. The increase of $10.4 million is due primarily to the additional orders being reported as a result of the acquisition of Designer Intimates.
Nitches Inc has been designing and marketing quality apparel for niche markets since 1971.
The company 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 $520,000 for the first quarter of fiscal 2006, reversing a $12,000 loss in the year ago period.
On October 24 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.
The primary reason for the acquisition was to acquire the trademarks and brand licenses held by Designer Intimates to complement the company's broad production base and provide a platform for future revenue growth.
Nitches currently distributes men's casual lifestyle clothing by Newport Blue®, Dockers® men's swimwear and t-shirts, golf apparel by The Skins Game, women's sleepwear and loungewear by Body Drama® and women's western wear by Adobe Rose®, Saguaro® and Southwest Canyon®.
The company also develops and manufactures private label products for many leading retailers and catalogs.
Consolidated net sales for the first quarter of fiscal 2006 increased 132 percent to $14.7 million versus $6.3 million for the first quarter of 2005. Net sales contributed by the company's newly acquired Designer Intimates business totaled $6.4 million.
At November 30 2005, the company had unfilled customer orders of $23.4 million compared to $13.0 million at the same time last year, with such orders generally scheduled for delivery by May 2006 and May 2005, respectively. The increase of $10.4 million is due primarily to the additional orders being reported as a result of the acquisition of Designer Intimates.
Nitches Inc has been designing and marketing quality apparel for niche markets since 1971.
The company is headquartered in San Diego, California, with offices in Los Angeles, New York City, Hong Kong and Istanbul.
Nitches Inc
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