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Significant increase in sales of PPLB's William Rast apparel line

May '08
People's Liberation Inc, designer of high-end casual apparel under the brand names People's Liberation and William Rast, announced financial results for its first quarter ended March 31, 2008.

Net sales for Q1-2008 grew 81%, to $6.9 million, compared to $3.8 million in Q1-2007. The increase in revenues was driven by a significant increase in sales of the Company's William Rast apparel line and an increase in sales of the Company's People's Liberation product line.

The increase in net sales also includes an increase in sales to the Company's international distributors during the period. Gross profit increased 102%, to $3.4 million in Q1-2008, compared to $1.7 million in Q1-2007.

The improvement in gross profit is primarily attributed to efficiencies derived from the economies of scale achieved in manufacturing processes, increased selling prices and increased sales of higher-margin products, particularly of the Company's William Rast apparel line.

Net income available to common shareholders in Q1-2008 was approximately $62,000, compared to a net loss of $1.02 million in Q1-2007. The increase in net income was primarily attributed to increases in net sales, improvements in gross margin, and decreased general and administrative expenses.

Operating expenses increased 13% in Q1-2008, to $3.1 million, compared to $2.7 million in Q1-2007. The increase was primarily attributed to an increase in selling expenses and design and production expenses related to the launch of new apparel lines. Operating expenses represented 44% of net sales in Q1-2008, an improvement from 71% in Q1-2007.

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