CHIC EARNINGS PLUNGE 90.4% FOR THE YEAR
NEW YORK — After a $5.9 million accounting charge, Chic by HIS reported earnings for the year ended Nov. 4 tumbled 90.4 percent to $1 million, or 10 cents a share, from $10.5 million, or $1.03. Sales were up 6.2 percent to $376.1 million from $354.2 million.
The jeanswear firm did not break out fourth-quarter results. However, deducting nine-month results from the fiscal year shows a fourth-quarter loss of $4.8 million against earnings of $2.2 million, or 18 cents a share, a year ago. Sales dropped 17.8 percent to $75.3 million from $91.6 million.
The firm gave no details on the year’s profit slide, and company executives did not return phone calls seeking comment.