Activewear maker Cutter & Buck Inc on Wednesday reported a 38 per cent hike in second quarter profit to $2.9m from $2.1m in the same period last year.

Earnings per share were $0.26 compared to $0.19 last year.

Net sales for the second quarter of 2004 rose to $35.5 million from $34.7m in the same period in 2003, while gross profit reached $17.1m compared to $16.2m last year.

For the six months ended 31 October, net sales were steady at $67.4m versus $67.5m last time, with gross profit reaching $32.9m compared to $31.0m in 2003.

Six-month net income jumped to $6.2m from $3.2m, while earnings per share were $0.54 compared to $0.29 last year.

The company said it was near to appointing a new chief executive officer following the departure of Fran Conley in September 2004.

In addition to this, it said that Jim McGehee, executive vice president and manager of the strategic business unit, has decided to leave the company at the end of the year.

Decisions on a replacement for McGehee, who has been with the company since 1990, will be deferred until the new CEO is in place and has looked at the management team and its structure.