Hampshire files Q2 report on Form 10-Q, Shane Hunter sales decline

23 Nov '07
3 min read

Hampshire Group Limited announced that it has filed its quarterly report on Form 10-Q for the period ended June 30, 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 the annual report on Form 10-K for the three year period ended December 31, 2006 that was filed on September 14, 2007.

Results for the Second Quarter and Year To Date 2007:
Net sales were $49.4 million for both of the three month periods ended June 30, 2007 and July 1, 2006.

Net sales for the six months ended June 30, 2007 were $100.2 million compared to $116.9 million for the same period of the prior year. The $16.7 million decrease in the Company's net sales was driven by lower unit volumes in the first quarter of 2007 as compared with the same period in the prior year, which 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 5.8% increase in average selling price.

The loss from operations for the three months ended June 30, 2007 was $6.9 million compared to a $6.1 million for the same period of the prior year. The loss from operations for the three months ended June 30, 2007 and July 1, 2006 included expenses associated with the Audit Committee investigation of $1.7 million and $0.4 million, respectively.

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