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Blair Corporation reports Q3 results

26
Oct '06
Blair Corporation a national multi-channel direct marketer of women's and men's apparel and home products, announced results for the third quarter and nine months ended September 30, 2006.

Net sales for the third quarter ended September 30, 2006 were $89.5 million, a decrease of $8.6 million or 8.7 percent, compared to the $98.1 million recorded for the third quarter of 2005.

Decreases in average selling prices accounted for $5.9 million of the $8.6 million decline in net sales. Average selling prices declined as the Company experienced higher than normal sales of products at lower price points and corresponding margins.

The Company reported a net loss of $1.1 million, or $0.30 per basic and diluted share, for the third quarter of 2006, compared to net income of $1.4 million or $.23 per basic and diluted share reported for the third quarter of 2005.

Third quarter 2005 per share results reflect the reduction of weighted average shares outstanding as a result of the Company's tender offer of 4.4 million outstanding shares on August 16, 2005.

Third quarter 2006 results reflect a decrease in general and administrative expenses of $7.9 million compared to third quarter 2005 levels.

The reduction is primarily attributable to operational efficiencies, the elimination of prior year costs associated with Blair's in-house credit program and costs incurred in August of 2005 for the tender offer.

Also contributing to the lower reported expenses in 2006 are adjustments to several compensation plans that are based on reported results.


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