Sport-Haley Inc reported unaudited earnings for its second fiscal quarter and six months ended December 31, 2007.
Net sales of fashion apparel for the three months ended December 31, 2007, were $4,385,000, an increase of $195,000, or 5%, from net fashion apparel sales of $4,190,000 for the comparable three-month period in the prior fiscal year.
Net sales of fashion apparel for the six months ended December 31, 2007, were $7,793,000, an increase of $115,000, or 1%, from net fashion apparel sales of $7,678,000 for the comparable six-month period in the prior fiscal year.
Net sales of Top-Flite branded apparel of $26,000 and $146,000 for the three months and six months ended December 31, 2007, respectively, were comprised of shipments to a retailer for a test in 50 of its stores.
Net sales of Top-Flite branded apparel of $0 and $1,185,000 for the three months and six months ended December 31, 2006, were comprised of sales to Wal-Mart of $1,000,000 and sales of $185,000 to other markets.
As a percentage of net sales, gross profit of our fashion apparel was 41% and 38%, and 37% and 34%, for the three months and six months ended December 31, 2007 and 2006, respectively.
As a percentage of net sales, gross profit of our branded apparel was (77%) and 3%, and 0% and 25%, for the three months and six months ended December 31, 2007 and 2006, respectively.
Net income for the three months ended December 31, 2007, was $24,000, a difference of $245,000, or 111%, as compared with the net loss of ($221,000) for the comparable three-month period in the prior fiscal year.
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