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Cutter & Buck Q4 net income rises on higher sales

29
Jun '06
Sportswear retailer Cutter & Buck Inc has announced results of its fourth quarter and fiscal year ended April 30th 2006.

Sales of $36.6 million in the fourth quarter represented an increase of 5.0 percent over the same period in the prior year, driven by increases in our corporate and consumer direct business units. Net income was $2.9 million, a 1.5 percent increase over the fourth quarter last year.

"The sales increases in the last two quarters of the fiscal year resulted in the company reporting a 3.7 percent sales increase for the year, our first annual year-over-year increase in sales in five years," said Ernie Johnson, CEO. "We continue to see positive results from our new products that began shipping in the third quarter and our continued focus on our strategic objectives."

"Our enhanced CB Classics line and our Spring 2006 fashion line began shipping last November," said Kaia Akre, President. "The updated Classics line includes a significant number of new styles and women's companion pieces and our Spring line focused on technical fabrications, quality, and styling. During the first six months that these products were in the market, every sales channel, other than international licensing, experienced a year-over- year sales increase. Overall, for the six months ended April 30, 2006, company-wide sales increased 14.8 percent compared to the same six month period last year," continued Akre.

Fourth quarter sales in the corporate business unit were $15.9 million, a 9.2 percent increase over the prior year. "We are very pleased with our customers' response to our upgraded classics line, which accounts for the majority of our corporate sales," said Akre. "Demand exceeded our initial expectations for the line."


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