USA: New Product Sales Boost Haggar's Q4 Profit
The company, a marketer of men's clothing and women's sportswear, put the rise down to cost-cutting, one-time gain from the sale of its headquarters and strong sales of new products.
These include a comfort-fit waisted pant and a stain-resistant, wrinkle-free garment, the Freedom Khaki.
It posted a net profit of $7.3 million, or $1.12 per share, versus $3.5m, or 55 cents per share, in the same period of the prior fiscal year.
"New innovative products for the Haggar brand, our Horizon Group and the Claiborne brand continue to fuel the success of the company and are the cornerstone of our successful history in the apparel business," president and COO Frank Bracken said.
Total sales were down, however, at $125.5m, in comparison to the previous year's fourth quarter figure of $133.2m, when the company took $2.7m in reorganisation charges.
Haggar products, including those under the Claiborne and Kenneth Cole brand name, are marketed to the US, UK, Canada, Mexico and Indonesia.
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