EARNINGS AT ARIS INDUSTRIES SLUMP 51.7% IN 3RD QUARTER
NEW YORK — Aris Industries reported profits declined 61.7 percent to $892,000, or 7 cents a share, from $2.3 million, or 20 cents, a year ago.
Sales dipped 3.6 percent to $50.6 million from $52.5 million.
Charles S. Ramat said that results for the latest quarter were hurt by unseasonably warm weather throughout the U.S., affecting retailers and fall- and winter-related apparel companies. Aris Industries owns Perry Manufacturing Co., manufacturer of women’s private label sportswear, and Europe Craft Imports, which does men’s outerwear and sportswear under the Members Only and other labels.
In the nine months ended Oct. 29, earnings rose 79 percent to $3.2 million, or 27 cents, from $1.8 million, or 20 cents, before an extraordinary item in the year ago period. After a $26.4 million gain on debt forgiveness, year-ago earnings were boosted to $28.2 million.
Sales fell 0.2 percent to $141.5 million from $141.8 million.
— Fairchild News Service