NEW YORK — Haggar Corp. lowered its third- and fourth-quarter earnings-per- share estimates Tuesday, but also forecast that third-quarter sales should be above year-ago levels.
This story first appeared in the July 17, 2002 issue of WWD. Subscribe Today.
For the three months ended June 30, the Dallas-based apparel marketer said it anticipates EPS to be in the range of 3 to 6 cents, down from the 15 cents it posted in the year-ago quarter. Previously, the company had forecast EPS in a range of 15 to 18 cents.
While the company believes third-quarter sales will improve 1 to 3 percent over last year’s period, when they rang in at $108.2 million, gross margins were lower than anticipated due to retail pricing pressures.
Haggar’s fourth-quarter EPS is now projected to be in the range of 30 to 36 cents, down from the 40 to 43 cents it had previously anticipated.
During the fiscal year ended last September, a restructuring of its sourcing led Haggar to lose $8.7 million, or $1.34 a share, versus net income of $9.3 million, or $1.37, in fiscal 2000. Sales advanced 2.7 percent to $444.6 million, as it logged increases in women’s wear and private label sales as well as with its Claiborne licensed apparel program.
Haggar markets women’s wear under the Haggar, Stonebridge and Selena labels.