Upscale sportswear and outerwear brand Cutter & Buck Inc today said net sales for the year ended 30 April 2002 were $167.7 million and the net loss was $10.8 million or $1.02 per share after restructuring charges. This compares to net sales of $171.1 million and net income of $3.7 million or $0.35 per share last year.

For the fourth quarter, net sales were $54.5 million and the net loss was $1.3 million, up from the $53.6 million and net income of $0.3 million for the same period last year.

Fran Conley, CEO, said the deficit was due in part to low gross margins from liquidating excess inventory, as well as a restructuring charge of $8.9 million as the company exited its European operations, the dressier side of its women's business and the golf shoes line.

"We were successful in reducing inventory from $53.6 million to $26.2 million during the last fiscal year, and in providing $24 million of free cash flow," said Steve Lowber, vice president and CFO.

For fiscal year 2003 the company expects sales in the range of $157-162 million, and net income of $0.5-1.1 million.