Salant Corporation (OTC Bulletin Board: SLNT) has announced financial results for the first quarter ended April 1, 2000. The results for the quarter reflect continued positive performance for the Company.

Perry Ellis products experienced an increase of $3.4 million in net sales for the first quarter of 2000 as compared to the same quarter for 1999. The Company's total net sales for the first quarter were $56.7 million, compared to $78.6 million for the comparable quarter in 1999. This decrease resulted primarily from a reduction of $25.3 million in net sales for the discontinued non-Perry Ellis businesses which were closed or sold during 1999.

Income from continuing operations before interest and income taxes for the first quarter was $1.5 million, compared to the loss of $3.0 million for the first quarter of 1999. The improvement of $4.5 million was due primarily to restructuring charges in the first quarter of 1999 that the Company incurred relating to the non-Perry Ellis businesses which were closed or sold. Net income for the first quarter of 2000 was $1.7 million, or $0.18 per share, compared to a net loss of $5.8 million or $(0.58) per pro forma share for the same period in 1999.

Commenting on the results, Michael J. Setola, Salant's Chairman and Chief Executive Officer stated: "We are pleased with the first quarter results given the difficult environment our market is experiencing. The recently announced reorganization of our Perry Ellis Menswear division will position the Company to better respond to these conditions. The signing of our new Tallia brand license with Hartz & Company for sportswear and furnishings is a positive step forward toward the goal of achieving growth through licensing and/or acquisitions. We will continue to explore new avenues for the Company's future growth."

Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the Safe Harbor provisions of the federal securities laws. Investors are cautioned that such statements are solely predictions and speak only as of the date of this release. Actual results may differ materially due to risks and uncertainties that are described in Salant's Form 10-K for 1999, and Form 10-Q for the first quarter of 2000. These risks include, without limitation, competition from competitors, the seasonality of Salant's products and risks associated with Salant's foreign sourcing operations.

Salant Corporation markets and distributes Perry Ellis menswear in the sportswear, accessories, pants and dress shirt categories. Its products are sold in major department and specialty stores. The Company employs more than 500 people in the United States and overseas.