USA: Nautica Enterprises Announces Second Quarter Results
Nautica Enterprises, Inc (NASDAQ: NAUT) today reported sales and earnings for its second quarter ended September 2, 2000. For the second quarter, net sales increased 11.3 per cent to $169.4m from $152.2m in the second quarter of last fiscal year. Net earnings were $13.4m compared to $14m in the prior year period. Diluted earnings per share increased to $0.41 from $0.38 and basic earnings per share increased to $0.43 from $0.41 in the second quarter of last year. For the six months ended September 2, 2000, net sales increased 15.6 per cent to $290.6m from $251.5m in the same period last year. Net earnings were $16.5m compared to $18.4m in the prior year period. Diluted earnings per share remained constant at $0.50 and basic earnings per share were $0.51 compared to $0.53 in the same period last year. Harvey Sanders, chairman and CEO of Nautica Enterprises said: "We continue to successfully execute our business diversification strategy and, during the second quarter, began to realize the benefit from investments made in our newer growth vehicles. Of particular note, our men's jeanswear line has been well received at retail and continues to gain significant door growth."Mr Sanders concluded: "Our core Nautica sportswear brand remains an important resource among our retail partners and has served as a platform from which we are able to incubate a pipeline of meaningful growth concepts. In a difficult retail environment, we remain optimistic regarding the second half of fiscal 2001 and our prospects for fiscal 2002."
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