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Blair Corp to log profits on sourcing & product develop

21
Jul '05
Online women's and men's apparel mail order company Blair Corporation announced results for the second quarter and six months ended June 30, 2005. In addition, Blair today commenced its tender offer to repurchase 4.4 million shares of approximately 8.3 million shares outstanding.

Net sales for the second quarter ended June 30, 2005 were $120.8 million compared to $127.0 million reported for the second quarter ended June 30, 2004.

Net income for the second quarter ended June 30, 2005 was $6.1 million, or $0.74 per basic and $0.73 per diluted share, compared to $5.0 million, or $0.62 per basic and $0.61 per diluted share, reported for the second quarter last year.

Net sales for the six months ended June 30, 2005 were $228.4 million, compared to $255.6 million reported for the first six months ended June 30, 2004.

Net income for the six months ended June 30, 2005 was $6.7 million, or $0.82 per basic and $0.81 per diluted share, compared to $5.6 million, or $0.69 per basic and diluted share, reported for the six months last year.

The $6.2 million reduction in net sales for the second quarter of 2005 was driven primarily by a decrease of approximately $5.7 million resulting from the previously announced closing of its Crossing Pointe catalog that was completed in March 2005.

Net income results for the quarter reflect Blair's continued focus on its core business opportunities and profitability. These initiatives are key elementsof Blair's strategic plan to eliminate unprofitable sales and enhance shareholder value.


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