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Nitches women's sleepwear & specialty lines sales up in Q3

21
Jul '05
Quality Apparel seller Nitches Inc announced its results for the three and nine month periods ended May 31, 2005. Net sales for the third quarter of fiscal 2005 were $7.4 million versus $9.0 million for the third quarter of 2004.

The sales decrease came as the result of a decrease in unit sales in the Company's Newport Blue licensed men's wear line.

This was due primarily to the loss of Sam's Club as a customer as compared to a year ago. The Company reported a net loss for the recent quarter of $188,000, or $.16 per share, compared to net income of $83,000, or $.07 per share, for the year earlier period. Results for the recent period included a loss of $66,000, or $.06 per share, related to the Company's interest in Designer Intimates, Inc. as compared to a loss of $172,000 in the year ago period.

For the nine months ended May 31, 2005, net sales were $20.3 million versus $25.5 million for the first nine months of fiscal 2004.

The sales decrease resulted from a decrease in unit sales of the Company's Newport Blue licensed men's wear line as noted previously, offset partially by an increase in sales of the Company's sleepwear line.

The Company reported a net loss of $724,000 or $.62 per share for the first nine months of fiscal 2005, compared to net income of $863,000 or $.74 per share for the year earlier period. The net loss for the recent nine months reflects net income of $8,000, or $.01 per share, derived from the Company's interest in Designer Intimates and compares to net income of $238,000 in the year ago period.


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