USA: OshKosh B'Gosh Reports Q2 Results
OshKosh B'Gosh, Inc today reported net income of $2.5m for the second quarter of 2001, a 6.7 per cent increase over the $2.3m for the second quarter of 2000.
Earnings per share for the second quarter increased by 5.3 per cent to $0.20 as compared to $0.19 for the second quarter of 2000. Net income for the first six months of 2001 was $7m or $.55 per share versus $7m or $.56 per share for the same period a year ago.
The company's net sales for the second quarter of 2001, were $90.9m, up 3.9 per cent from $87.5m in 2000. Net sales for the first six months of 2001 were $190.4m as compared to $182.6m for the same period of 2000.
The company's second quarter 2001 net sales increase was due primarily to a $4.2m (8.8 per cent) increase in its retail business. This retail sales increase resulted from a comparable store sales increase of 5.4 per cent and sales volume from stores open subsequent to July 1, 2000. The second quarter 2001 comparable store sales increase was favorably impacted by more aggressive promotional pricing.
Douglas W. Hyde, OshKosh B'Gosh, Inc president and CEO, said: "Considering the soft and highly promotional retail apparel environment over the past several months, we are pleased to report a 5.4 per cent comparable store sales gain in our second quarter. Our more aggressive store pricing helped generate this significant improvement over our disappointing first quarter retail net sales."
At June 30, 2001 the company operated 135 domestic OshKosh retail stores, including 128 outlet stores, two showcase stores and five strip mall stores. At July 1, 2000 the company operated a total of 131 domestic OshKosh retail stores. Current company plans for the remainder of 2001 call for the addition of approximately six outlet stores and the closing of one outlet store.
Mr. Hyde concluded: "Despite the challenging economic environment, we remain optimistic for the future. Our consumer research as well as research from independent third parties continues to tell us that consumers highly value OshKosh children's apparel products. As we enter 2002, we are confident that the addition of Kohls Department Stores as a customer will bring us even closer to OshKosh consumers."
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