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Nitches Q3 sales and earnings improve

21
Jul '06
Women's apparel company Nitches Inc announced its results for the three and nine month periods ended May 31, 2006.

Highlights included:

-- Net sales for the quarter increased 70 percent to $12.6 million from prior year
-- Quarterly earnings per share of $.01 versus year ago $.05 loss
-- $1.6 million comparative improvement in net income year-to-date

Consolidated net sales for the third quarter of fiscal 2006 grew 70 percent to $12.6 million versus $7.4 million for the third quarter of 2005. The increase was driven by the company's newly acquired Designer Intimates business, but also includes organic sales growth in the company's menswear product line.

Consolidated net sales for the first nine months of fiscal 2006 increased 110 percent to $27.0 million from $12.9 million for the first half of fiscal 2005. Designer Intimates contributed $12.3 million of the $14.1 million increase.

For the remaining three months of the fiscal year ending August 31, 2006 the company has shipped and on-hand orders totaling $14.7 million. At this time last year the company had comparable orders of $6.6 million.

Additionally, to date, the company has received orders for shipment in the first quarter of fiscal 2007 of $24.1 million. At this time last year the company had comparable orders on hand for the first quarter of fiscal 2006 of $6.9 million. These increases are due to additional orders reported as a result of the acquisitions of Designer Intimates and the Home Décor product line, as well as increased orders and earlier order placement for the company's menswear, sleepwear, and private label product lines.


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