Home / Knowledge / News / Apparel/Garments / Harold's Stores Q1 disappoints

Harold's Stores Q1 disappoints

May '06
Harold's Stores Inc, a chain of upscale ladies' and men's specialty apparel stores, announced results of its first fiscal quarter ended April 29th 2006.

For the first quarter, the company reported a net loss of $931,000 or $0.21 per diluted and basic share, compared to net income of $782,000, or $0.04 per diluted share ($0.07 per basic share) in the previous year.

"We are disappointed in our first quarter financial performance," said Leonard Snyder, Interim CEO.

"Sales for the quarter were significantly below the levels of last year, which negatively impacted gross margin and expenses as a percentage of sales due to lack of leverage, leading to a loss for the quarter. Fortunately, sales improved as the quarter progressed, with a decline of 22.4 percent to last year during the first seven weeks of the quarter to a decline of only 0.8 percent in the final six weeks of the quarter. This is a result of improved customer acceptance to the late spring and early summer merchandise deliveries," he added.

Snyder continued, "At the end of the quarter, our merchandise inventories were 9 percent lower than the levels of last year, principally due to the reduced ownership of prior season inventory."

Further, Snyder said, "The company has addressed the issues it experienced with its merchandise offerings and flow for the remainder of the year. In addition to ensuring regular monthly merchandise flow, much more emphasis has been placed on classically-inspired, coordinated outfits for both ladies and men, merchandise that the company's customers have historically preferred."

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Myanmar's garment units risk closure due to virus impact

Myanmar's garment factories are facing the risk of shutdown as the...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

GMAC urges EU to restore full EBA rights for Cambodia

Expressing disappointment over the recent European Union (EU)...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Uzbekistan 3rd biggest garment exporter to Kazakhstan

Uzbekistan exported 10,000 tonnes of apparel to Kazakhstan in 2019,...

Interviews View All

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Mehul Vithalani,

Mehul Vithalani

Gopi Knitts is one of the most celebrated manufacturers and suppliers of...

DP Kumar,

DP Kumar

Weaves is South India's premier textile fair organised by Texvalley in...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Madison Maxey, Loomia

Madison Maxey

Loomia designs and manufactures soft circuit systems that can be produced...

Thomas Ong P S, NanoTextile

Thomas Ong P S

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search