Haggar Corp, a leading marketer of men's casual and dress apparel and women's sportswear, today announced results for the fourth quarter and full year for fiscal year 2001, which ended September 30, 2001.

For the fourth quarter of fiscal 2001, Haggar reported net sales of $120,772,000 and net income of $2,731,000, or $0.42 on a diluted earnings per share basis. This compares to the fourth quarter of 2000, in which the company reported $115,053,000 in net sales and a net income of $5,120,000, or $0.78 on a diluted earnings per share basis.

For fiscal 2001, Haggar reported net sales of $444,570,000 and a net loss of $8,670,000 related to the global sourcing reorganization announced during the second quarter of fiscal 2001, compared to net sales of $432,855,000 and net income of $9,282,000 during the same period in 2000. The fiscal year 2001 loss was $1.34 per share compared to income of $1.37 per share for the previous year.

J.M Haggar III, chairman and chief executive officer, said: "We are excited about our sales increase of five per cent for our fourth quarter and a three per cent increase in net sales for the full year. This is our second consecutive quarter of sales increases as our third quarter sales for fiscal 2001 were six per cent higher than sales during the third quarter in fiscal 2000. We are very pleased with our sales performance, particularly in light of a weak retail environment. Our strategic initiatives that we have invested in are paying off through increases in market share.''

Frank Bracken, president and chief operating officer, added: "We are seeing the results of our strategy to diversify and balance our business even in our tough retail environment. We have experienced good topline performance from the Haggar brand, as well as our licensed brands: DKNY and Claiborne. We will continue to grow market share in both the private label and branded businesses, the dress and casual pant businesses, and the clothing and sportswear businesses.''

David Tehle, executive vice president and chief financial officer, noted: "The company has reduced its inventories by $6 million from $104m at the end of the third quarter of fiscal 2001 to $98m at the end of the fourth quarter of fiscal 2001. Furthermore, the total debt has been reduced by $14m to $53m as of the end of fiscal 2001, as compared to $67m as of the end of the third quarter of fiscal 2001. The company reduced its overall debt through increased sales, increased collections, and reduced inventory levels.

The Haggar board of directors continued the $0.05 per share quarterly dividend. The dividend will be payable on November 19, 2001, to shareholders of record as of November 5, 2001.