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Nitche consolidated net sales down 6.5% in Q1

25
Jan '08

Nitches Inc announced its results for the three months ended November 30, 2007. Consolidated net sales for the first quarter of fiscal 2008 decreased 6.5% to $33.1 million versus $35.4 million for the first quarter of 2007.

The sales decrease was attributable primarily to a decrease in shipments of Fall men's sportswear product to Wal-Mart, offset partially by increased shipments of our women's sleepwear and private label apparel.

The Company earned consolidated net income of $458,000 for the first quarter of fiscal 2008 versus $1,217,000 in the prior year. First quarter earnings per basic share were $.08 versus income of $.25 per share for the first quarter of fiscal 2007.

Fully diluted earnings per share were $.08 in the current period versus $.24 in the prior quarter. Earnings were negatively impacted in the current period by lower realized gross margins due to pricing pressures from retailers amid a weakening retail environment.

At November 30, 2007, the Company had unfilled customer orders of $35.7 million compared to $26.4 million at the same time last year, with such orders generally scheduled for delivery by May 2008 and May 2007, respectively.

The increase of $9.3 million reflects sales order growth across all product lines. Most notably, the higher volume of orders for men's sportswear includes an increase in orders for Spring merchandise from Wal-Mart, while an increase in orders for home décor products reflects theinitial launch of Paula Deen licensed dinnerware and related items.

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