Highlights for the quarter include:
- Consolidated gross profit margin increased 400 basis points for the quarter and 430 basis points for the period.
- Apparel gross profit margin increased 650 basis points for the quarter and 970 basis points for the period.
- Print gross profit margin increased 210 basis points for the quarter and 110 basis points for the period.
- Diluted EPS increased 50.0% to $0.36 per share for the quarter and 55.9% to $1.06 per share for the period.
The Company’s consolidated net sales for the quarter were $136.6 million compared to $129.0 million for the same quarter last year. Print sales were up 10.1% on a comparable quarter basis, from $81.5 million to $89.7 million. Apparel sales decreased 1.1% for the comparable quarter, from $47.4 million to $46.9 million.
Although, apparel unit sales were up 5.5% for the quarter, average selling price was down 6.6%. Consolidated gross profit margin (“margin”) during the quarter increased 400 basis points over last year’s comparable quarter from 23.7% to 27.7%. On a quarter comparison basis, print margin increased 210 basis points, from 28.7% to 30.8%, while apparel margin increased 650 basis points, from 15.2% to 21.7%.
Apparel margin continued to improve on a comparable basis due to lower input costs and higher production levels. As a result, net earnings increased from $6.2 million, or 4.8% of net sales, for the quarter ended November 30, 2012 to $9.3 million, or 6.8% of net sales, for the quarter ended November 30, 2013. Diluted earnings per share increased 50.0% from $0.24 for the 2012 quarter to $0.36 for the 2013 quarter.
For the nine month period, consolidated net sales increased from $409.9 million to $410.3 million, or 0.1% from the same period last year. Print sales for the nine month period were $250.1 million, compared to $254.9 million for the same period last year, a decrease of $4.8 million, or 1.9%.
Apparel sales for the nine month period were $160.2 million, compared to $155.0 million for the same period last year, or an increase of $5.2 million or 3.4%. Apparel unit sales increased 9.8% for the period, while average selling price per unit decreased 6.4%. The consolidated margin increased from 22.6% to 26.9% for the nine months ended November 30, 2012 and 2013, respectively.
Print margin increased during the period from 29.1% to 30.2%, as a result of the elimination of duplicative costs associated with the integration of acquisitions. Apparel margin increased 970 basis points from 12.0% to 21.7% for the comparable nine month period, due to lower input costs and increased production levels.
Net earnings increased from $17.6 million, or 4.3% of net sales, for the nine months ended November 30, 2012 to $27.7 million, or 6.7% of net sales, for the nine months ended November 30, 2013. Diluted earnings per share increased 55.9% from $0.68 to $1.06 for the nine months ended November 30, 2012 and 2013, respectively.
During the third quarter, the Company generated $19.0 million in EBITDA (a non-GAAP financial measure calculated as net earnings before interest, taxes, depreciation, and amortization) compared to $13.2 million for the comparable quarter last year. For the nine month period ended November 30, 2013, the Company generated $54.9 million of EBITDA compared to $38.9 million for the comparable period last year.
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