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Hampshire Group, Limited posts Q1 net loss despite higher sales
05 May '06
2 min read
US largest sweater company Hampshire Group, Limited announced results for the first quarter ended April 1st 2006.
The net sales were $68,111,000 compared with $58,077,000 for the same period in the prior year, an increase of 17 percent. Net loss was $176,000, or $0.02 per diluted share, compared with net income of $748,000, or $0.09 per diluted share, in the first quarter of 2005.
The first quarter of 2006 included net sales of $19,181,000, which were attributable to the operations of David Brooks and Shane Hunter that were acquired in October 2005 and January 2006, respectively. Sales in the first quarter 2006 are not indicative of sales for the full year because of the seasonality of the sweater business.
Ludwig Kuttner, Chairman and CEO, stated, "Our recent acquisitions of David Brooks is enabling us to expand into the better market for women's apparel and Shane Hunter is expanding our presence in the mass merchant segment of retailing. At the same time, we are focusing on brand building in all of our businesses, so we can further differentiate our products in the very competitive retail market. However, the retail market continues to be very challenging."
Hampshire Group also announced that its Board of Directors approved the repurchase of up to 1,000,000 shares of the company's outstanding common stock. The repurchase will be conducted through open market or privately negotiated transactions over an indefinite period.
Hampshire Group, Limited is a diversified apparel company, believed to be the largest supplier of women's and men's sweaters in North America and a leading supplier of women's related separates.
The net sales were $68,111,000 compared with $58,077,000 for the same period in the prior year, an increase of 17 percent. Net loss was $176,000, or $0.02 per diluted share, compared with net income of $748,000, or $0.09 per diluted share, in the first quarter of 2005.
The first quarter of 2006 included net sales of $19,181,000, which were attributable to the operations of David Brooks and Shane Hunter that were acquired in October 2005 and January 2006, respectively. Sales in the first quarter 2006 are not indicative of sales for the full year because of the seasonality of the sweater business.
Ludwig Kuttner, Chairman and CEO, stated, "Our recent acquisitions of David Brooks is enabling us to expand into the better market for women's apparel and Shane Hunter is expanding our presence in the mass merchant segment of retailing. At the same time, we are focusing on brand building in all of our businesses, so we can further differentiate our products in the very competitive retail market. However, the retail market continues to be very challenging."
Hampshire Group also announced that its Board of Directors approved the repurchase of up to 1,000,000 shares of the company's outstanding common stock. The repurchase will be conducted through open market or privately negotiated transactions over an indefinite period.
Hampshire Group, Limited is a diversified apparel company, believed to be the largest supplier of women's and men's sweaters in North America and a leading supplier of women's related separates.
Hampshire Group, Limited
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