NEW YORK — Shares of Goody’s Family Clothing advanced nearly 20 percent Wednesday, hitting a new 52-week high, after the firm reported second-quarter earnings that left last year’s performance, and analysts’ consensus estimates, in the dust.

Net income for the 13 weeks ended Aug. 2 more than quintupled to $7.1 million, or 21 cents a diluted share, from $1.3 million, or 4 cents, in the like period last year.

Without a $4.4 million pretax, or an 8 cent a share aftertax, gain from the partial reversal of earlier charges related to its trademark litigation with Tommy Hilfiger, earnings per share were a more modest 13 cents, but that was still more than twice Wall Street’s 5 cent consensus estimate.

Sales in the quarter advanced 3.5 percent to $294 million from $284 million as same-store sales rallied 2.3 percent.

Goody’s shares ended the Nasdaq session at $9.91, up $1.61, or 19.4 percent, after hitting a new 52-week high of $9.95 earlier in the day.

“Sales and gross profits increased, while higher sales enabled us to leverage our selling, general and administrative expense rate,” said Robert Goodfriend, chairman and chief executive of the Knoxville, Tenn.-based 332-unit apparel chain, in a statement. “The company ended the second quarter of fiscal 2003 with more than $92 million in cash and cash equivalents, no direct borrowings on our line of credit and no long-term debt.”

Gross margin picked up 140 basis points in the quarter, to 29.2 percent of sales from 27.8 in the like 2002 period.

In addition to the $11 million it paid Hilfiger in settlement of the trademark infringement and counterfeiting suit, Goody’s busy second quarter included, as reported, the acquisition in June of the Duck Head trademark and four related licenses from Tropical Sportswear International Corp. for $4 million in cash. The firm believes Duck Head can become a $35 million to $40 million business within three years, with “mounds of potential” for the women’s sportswear business, according to Goodfriend.

Also, after exploring an acquisition of the firm in 2002, Goodfriend told shareholders at the annual meeting in June the company was no longer for sale and a buyer wouldn’t be sought.For the six months, net income advanced 28.6 percent to $9 million, or 27 cents a diluted share, from $6.8 million, or 21 cents. Sales were up 1.7 percent to $577.1 million from $567.5 million, and comps increased 1.6 percent.

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