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Blair Corporation Q2 net income falls on lower sales

24
Jul '06
Blair Corporation, a national multi-channel direct marketer of women's and men's apparel and home products, has announced results for the second quarter and six months ended June 30, 2006.

Net sales for the second quarter ended June 30, 2006 were $115.0 million, a decrease of 4.8 percent, compared to $120.8 million reported for the second quarter ended June 30, 2005. Second quarter 2005 net sales included $1.3 million from the Crossing Pointe catalog and the Allegheny Trail businesses which were closed in 2005. Higher unit sales volume was offset by lower average selling prices as a result of ongoing price point repositioning.

The company reported net income for the second quarter ended June 30, 2006 of $233,000, or $.06 per basic and diluted share, compared to net income of $6.1 million, or $0.74 per basic share and $0.73 per diluted share, reported for the second quarter of 2005.

The company had 3.9 million shares of common stock outstanding at June 30, 2006, compared to 8.2 million shares at June 30, 2005. Without the reduction in outstanding shares for the second quarter of 2006, basic and diluted per share results would have been $0.03.

Reported results for the second quarter of 2006 include the continued improvement in our product procurement area. Cost of goods sold as a percentage of net sales for the second quarter of 2006 was 44.4 percent, a significant improvement from 45.3 percent for the second quarter of 2005. This improvement can be attributed to increased direct sourcing by the company, continued partnering with all of our venders, and better efficiencies in our inventory liquidation program.


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