NEW YORK — Nautica Enterprises Inc. Wednesday posted second-quarter profits that leaped over charge-depleted year-ago results and beat Wall Street expectations by a penny but said it plans a write-off for impairment at its disappointing...
NEW YORK — Nautica Enterprises Inc. Wednesday posted second-quarter profits that leaped over charge-depleted year-ago results and beat Wall Street expectations by a penny but said it plans a write-off for impairment at its disappointing Rockefeller Plaza store.
For the three months ended Aug. 31, earnings climbed 17.2 percent to $10.4 million, or 30 cents per share, from $8.9 million, or 26 cents, a year ago. The company last year took an aftertax charge of $6.2 million, or 18 cents, in connection with its Nautica Europe business. Analysts polled by Thomson First Call had expected earnings per share in the 29-cent range. Sales were down 8.5 percent to $182.2 million from $199.3 million.
The firm said that, in the third quarter, an after-tax charge of between $6 million and $6.5 million will be taken for impairment of its Rockefeller Plaza store here.
The company is considering options for the underperforming site, which it uses to test new products.
Harvey Sanders, chairman, president and chief executive officer, said in a statement that the store "has continued to perform below our expectations."
Sanders noted that the company’s results were due largely to better sourcing and product placement of its Nautica men’s jeans, furnishings and children’s businesses.
For the six months, earnings were down 35 percent to $7.8 million, or 23 cents, from $12.1 million, or 35 cents, a year ago. Sales were down 8 percent to $308.1 million from $334.4 million.
The company said third-quarter earnings will be between 40 and 41 cents per share, excluding the Rockefeller Plaza charge, while EPS for the year is expected in the 90- to 91-cent range. Sales for the second half are expected to grow in the mid-single digits.
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