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Cutter & Buck Q4 net income rises on higher sales
29 Jun '06
4 min read
Golf sales during the fourth quarter were down 2.6 percent compared to the prior year. Golf sales increased 2.1 percent for the last six months of the fiscal year compared to the last six months of the prior year.
Sales in specialty retail business unit decreased 11.0 percent during the fourth quarter. As noted last quarter, we began shipping product earlier to specialty department stores which contributed to a 43.3 percent increase in sales for this business unit during the third quarter but impacted fourth quarter sales. Combined, third and fourth quarter sales increased 11.7 percent over the same period last year in specialty retail business unit.
In the fourth quarter, pre-tax income was $4.4 million, an increase of 25.8 percent over the same period in the prior year. "The increase in pretax income was in large part due to the nonrecurring charges in the fourth quarter of last year," said Gats. Net income was $2.9 million for the quarter, a 1.5 percent increase over the prior year.
"We are pleased to report an annual sales increase that was driven by our sales in the last six months of the year. Our customers' response to our new and updated product line remains positive," said Johnson.
"Our 'Signature Collection' of refined knit shirts and our enhanced CB ProTec line of performance wear that were introduced as a part of our spring 2007 collection are doing well. We are also encouraged by this quarter's growth in corporate sales and the response to our updated classics line. Our specialty retail business unit performed well during our spring season of November through April and we continue to see improved performance from our consumer catalog, which is still in its first year. Overall, we expect to continue to see moderate sales growth during fiscal year 2007 along with improved earnings," concluded Johnson.
Cutter & Buck Inc designs and markets upscale sportswear under the Cutter & Buck brand name. It sells products primarily to golf and specialty retailers, corporations and international distributors and licensees. We also sell directly to end consumers through catalog and internet channels.
Sales in specialty retail business unit decreased 11.0 percent during the fourth quarter. As noted last quarter, we began shipping product earlier to specialty department stores which contributed to a 43.3 percent increase in sales for this business unit during the third quarter but impacted fourth quarter sales. Combined, third and fourth quarter sales increased 11.7 percent over the same period last year in specialty retail business unit.
In the fourth quarter, pre-tax income was $4.4 million, an increase of 25.8 percent over the same period in the prior year. "The increase in pretax income was in large part due to the nonrecurring charges in the fourth quarter of last year," said Gats. Net income was $2.9 million for the quarter, a 1.5 percent increase over the prior year.
"We are pleased to report an annual sales increase that was driven by our sales in the last six months of the year. Our customers' response to our new and updated product line remains positive," said Johnson.
"Our 'Signature Collection' of refined knit shirts and our enhanced CB ProTec line of performance wear that were introduced as a part of our spring 2007 collection are doing well. We are also encouraged by this quarter's growth in corporate sales and the response to our updated classics line. Our specialty retail business unit performed well during our spring season of November through April and we continue to see improved performance from our consumer catalog, which is still in its first year. Overall, we expect to continue to see moderate sales growth during fiscal year 2007 along with improved earnings," concluded Johnson.
Cutter & Buck Inc designs and markets upscale sportswear under the Cutter & Buck brand name. It sells products primarily to golf and specialty retailers, corporations and international distributors and licensees. We also sell directly to end consumers through catalog and internet channels.
Cutter & Buck Inc
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