Haggar Corp. Lowers Guidance for the First Quarter and Total Year Outlook for Sales and Net Profit for Fiscal Year 2005
02 Février 2005 - 2:18AM
PR Newswire (US)
Haggar Corp. Lowers Guidance for the First Quarter and Total Year
Outlook for Sales and Net Profit for Fiscal Year 2005 DALLAS, Feb.
1 /PRNewswire-FirstCall/ -- Haggar Corp. (NASDAQ:HGGR) announced
today that it expects sales in the first quarter of fiscal 2005,
which ended December 31, 2004, to be approximately $100.5 million,
which is below the previous guidance of $102 to $107 million
provided on November 3, 2004. Last year the Company reported sales
of $107.7 million in the first quarter. The net loss in the first
quarter is expected to be approximately $3.3 million, or a loss of
$0.45 per diluted share, which is greater than the November 3
guidance of a loss of $1.5 to $1.9 million, or a loss of $0.21 to
$0.26 per diluted share. The projected first quarter loss includes
an increase in selling, general and administrative expenses for a
wrongful termination lawsuit against the Company of $1.7 million
pre-tax, or $0.15 per diluted share. Last year, the Company
reported net earnings of $1.2 million and earnings per diluted
share of $0.18 in the first quarter. According to J.M. Haggar, III,
Chairman and Chief Executive Officer, "The late Fall and Holiday
2004 selling season at retail did not meet our customers'
expectations, and our latest product innovation, ForeverNew(TM),
which we offered at premium price points, did not perform as well
as expected in the current retail environment. Some of our
significant customers took aggressive Holiday markdowns and reduced
Spring and Fall 2005 orders on ForeverNew products. The drop in
sales and increased loss from our earlier guidance occurred
primarily because the Company had to provide significantly more
markdown assistance than planned." Haggar added, "On the other
hand, our Comfort Equipped(TM) products remain best sellers at
retail." The Company now expects sales for the year to be
approximately $447 to $463 million, versus its earlier forecast of
$475 million to $493 million. Last year, Haggar reported sales of
$487.9 million. Net earnings for fiscal year 2005 are now estimated
to be in the range of $5.5 million to $7.0 million, or $0.81 to
$1.01 per diluted share, compared to its earlier guidance of $10.0
million to $11.5 million, or $1.39 to $1.59 per diluted share. Last
year the Company reported net earnings of $9.4 million, or $1.34
per diluted share. The Company intends to issue its first quarter
earnings announcement and updated quarterly earnings guidance for
2005 after the market closes on February 9, 2005. A conference call
to discuss the first quarter results is scheduled for 8:00 a.m.,
CST, on February 10, 2005. Haggar Clothing Co., a wholly-owned
subsidiary of Haggar Corp., is a leading marketer of men's casual
and dress apparel and women's sportswear, with global headquarters
in Dallas, Texas. Haggar markets in the United States, United
Kingdom, Canada, Mexico, and Indonesia. Haggar also holds exclusive
licenses to use the Claiborne(R) trademark in the United States to
manufacture, market, and sell men's shorts and pants and to use the
Kenneth Cole New York(R) and Kenneth Cole Reaction(R) trademarks
throughout the United States to manufacture, distribute and sell
men's tailored dress pants and men's classification dress and
casual pants and shorts in men's classification pant departments.
For more information visit the Haggar website at
http://www.haggar.com/ . The statements contained in this release
that are not historical facts are forward-looking statements. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that could cause actual results to
differ materially from those anticipated or implied by the forward-
looking statements; the results could be affected by, among other
things, general business conditions, the impact of competition, the
seasonality of the Company's business, labor relations,
governmental regulations, unexpected judicial decisions, and
inflation. In addition, the financial results for the quarter just
ended do not necessarily indicate the results that may be expected
for any future quarters or for any fiscal year. Investors also
should consider other risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange
Commission. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company undertakes no obligation to update any such statements or
publicly announce any updates or revisions to any of the
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or any changes in
events, conditions, circumstances or assumptions underlying such
statements. DATASOURCE: Haggar Corp. CONTACT: John Feray, Senior
Vice President of Finance, Chief Accounting Officer of Haggar
Corp., +1-214-956-4511, or fax, +1-214-956-4239 Web site:
http://www.haggar.com/
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