Hartmarx Corporation reported operating results for its second quarter and six months ended May 31, 2007. Second quarter revenues were $155.9 million compared to $152.6 million in 2006.
Net earnings for the second quarter improved to $5.4 million or $.15 per diluted share in the current period compared to net earnings of $3.9 million or $.10 per diluted share last year. For the six months, revenues were $276.0 million compared to $296.8 million in 2006.
Net earnings were $2.0 million or $.05 per diluted share compared to net earnings of $6.5 million or $.17 per diluted share in 2006.
Homi B. Patel, chairman and chief executive officer of Hartmarx,commented, "The anticipated earnings recovery starting with the second quarter is on track and we expect significantly favorable earnings comparisons for the second half and full year of 2007."
"We are maintaining our previously announced full-year guidance of revenues in the $585 million - $600 million range with diluted earnings per share in the range of $.50 - $.56."
Mr. Patel continued, "We are pleased that we are starting to realize the benefits of our strategy of investing more in product lines and categories serving the better, bridge and luxury price points while reducing our exposure to the mainstream department store channel."
While having a significant adverse impact on our 2006 operating results and through the first quarter of fiscal 2007, the actions initiated last year to discontinue and reduce several moderate priced tailored clothing lines