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Hartmarx to perform better in second half
28 Mar '08
4 min read
The women's segment represented approximately 22% of consolidated revenues for the first quarter this year compared to 25% in last year's first quarter. However, irrespective of the near-term economic pressures, we believe it is important that we continue to invest in our well-respected brands that serve the better, bridge and luxury price points.
In that regard, later this year we will be opening a Hickey-Freeman retail store in downtown Chicago, following the November, 2007 Hickey-Freeman store opening in San Francisco and the first hickey retail store located in the Soho district of New York City, which opened last October.
We are also seeking a site for the first Hart Schaffner Marx retail store to fully showcase its lifestyle offerings of business and casual apparel," Mr. Patel concluded.
The first quarter operating loss was $3.6 million in 2008 compared to an operating loss of $3.3 million in 2007. The gross margin rate was 33.1% in 2008 compared to 33.4% in 2007, and included the effect this year of surplus inventory liquidations at reduced gross margins. Selling, general and administrative expenses were $43.6 million in 2008 compared to $43.9 million in 2007.
The $.3 million decrease reflected among other things, expense reductions in the tailored clothing product lines, offset in part by incremental expenses of $1.5 million related to Monarchy. Interest expense was $2.0 million this year compared to $2.2 million in 2007, reflecting lower rates as average borrowing levels were higher.
Total debt was $150.1 million at February 29, 2008 compared to $134.3 million a year earlier and reflected the trailing year incremental amounts for acquisitions, share repurchases and capital expenditures.
The Company has repurchased 423,400 of its shares during the first quarter of fiscal 2008, pursuant to the October, 2007 authorization to repurchase up to three million shares; repurchases to date under this authorization have aggregated approximately 1.1 million shares at an average cost of $4.12 per share.
In that regard, later this year we will be opening a Hickey-Freeman retail store in downtown Chicago, following the November, 2007 Hickey-Freeman store opening in San Francisco and the first hickey retail store located in the Soho district of New York City, which opened last October.
We are also seeking a site for the first Hart Schaffner Marx retail store to fully showcase its lifestyle offerings of business and casual apparel," Mr. Patel concluded.
The first quarter operating loss was $3.6 million in 2008 compared to an operating loss of $3.3 million in 2007. The gross margin rate was 33.1% in 2008 compared to 33.4% in 2007, and included the effect this year of surplus inventory liquidations at reduced gross margins. Selling, general and administrative expenses were $43.6 million in 2008 compared to $43.9 million in 2007.
The $.3 million decrease reflected among other things, expense reductions in the tailored clothing product lines, offset in part by incremental expenses of $1.5 million related to Monarchy. Interest expense was $2.0 million this year compared to $2.2 million in 2007, reflecting lower rates as average borrowing levels were higher.
Total debt was $150.1 million at February 29, 2008 compared to $134.3 million a year earlier and reflected the trailing year incremental amounts for acquisitions, share repurchases and capital expenditures.
The Company has repurchased 423,400 of its shares during the first quarter of fiscal 2008, pursuant to the October, 2007 authorization to repurchase up to three million shares; repurchases to date under this authorization have aggregated approximately 1.1 million shares at an average cost of $4.12 per share.
Hartmarx Corporation
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