Hampshire Group Limited announced that it has filed its quarterly report on Form 10-Q for the period ended March 31, 2007 with the United States Securities and Exchange Commission.
This press release should be read in conjunction with the filed quarterly report referred to in this release and with the annual report on Form 10-K for the three year period ended December 31, 2006 that was filed on September 14, 2007.
Net sales for the three months ended March 31, 2007 were $50.9 million compared to $67.5 million for the same period of the prior year.
Net sales for the current period included $1.6 million of net sales attributed to Marisa Christina, which was acquired subsequent to the comparable quarter of the prior year.
The $18.2 million decrease in the Company's existing business net sales consisted of an $8.9 million decline in private label sales of Item-Eyes, our women's related separates division, and a $10.9 million decline in sales of Shane Hunter, our mass merchant division.
Offsetting the sales volume decline was a 15.9% increase in average selling price with Item-Eyes and Shane Hunter accounting for a majority of the increase.
The loss from operations for the three months ended March 31, 2007 was $7.3 million compared to a $1.7 million loss from operations for the same period of the prior year. The 2007 loss from operations includes $2.1 million in expenses associated with the Audit Committee investigation and a $0.7 million operating loss from the acquired Marisa Christina business.
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