USA: Nautica Posts Steep Fall In Earnings
Apparel giant Nautica Enterprises Inc on Friday revealed a 95 per cent plunge in fourth quarter earnings before charges as well as disappointing sales and said it expects a first-quarter loss as it takes a charge to cover job cuts.
The New York-based firm, which markets clothing under brands such as Earl Jean and John Varvatos, said fourth quarter earnings were $0.5 million, or two cents per share, excluding charges totalling 26 cents a share related to a distribution centre closure and job losses.
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