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Russell Corporation to revise QII results

14
Jul '05
Leading branded athletic and sporting goods company marketing athletic apparel, uniforms, footwear and equipment for a wide variety of sports, outdoor and fitness activities Russell Corporation announced that it expects fully diluted earnings per share for the second quarter of 2005 to be between $0.12 and $0.14, which is below the Company's previously issued earnings guidance. The current Thomson First Call mean estimate is $0.21 per share.

The revised estimate of earnings is primarily the result of several short- term operational issues and lowers than anticipated reductions in costs. At this point, the Company does not anticipate being able to overcome the quarter's earnings shortfall for the full year.

Management plans to comment further on the quarter and expectations for the balance of the year in the Company's regularly scheduled second quarter conference call on July 28, 2005.

Company-wide sales for the quarter were close to plan and increased 18 percent to more than $342 million. The sales gains were driven by acquisitions which, as expected, had no material impact on earnings per share for the quarter.

The Activewear segment experienced a more than 10 percent sales increase for the quarter. The gains were led by the Artwear channel, which experienced a 15 percent unit increase.

Artwear was not able to meet all of the sales demands in the second quarter which required a rapid increase in capacity, resulting in substantial excess training expenses, start-up costs and higher costs from new contractors being brought on line.


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