Financial Reports: Delia’s, Jos. A. Bank, Cutter & Buck

Direct Division Going Great Guns for Delia’s
Second-quarter sales at New York-based cataloger/retailer Delia’s increased 13%, to $48.9 million for the three months ended July 29. The company also narrowed its loss from $4.2 million a year ago to $3.1 million.

Sales for the direct segment, which includes the Delia’s and Alloy teen girls’ apparel catalogs and extreme-sports gear catalog CCS, rose 16%, to $33.9 million from $29.2 million for the comparable quarter last year. Gross profit in the direct segment was 43.8% of net sales for the quarter, an increase of 10 basis points from last year. Income from operations in the direct segment was $900,000, a significant turnaround from last year’s loss of $1.6 million.

Sales from the Delia’s retail stores increased to $15.0 million from $14.2 million a year ago. But second-quarter comparable store sales decreased more than 18%. “In retail our results were significantly hampered by entering the second quarter with inventory levels well below plan,” CEO Robert Bernard said in a statement.

More Double-Digit Gains for Jos. A. Bank
Hampstead, MD-based men’s apparel cataloger/retailer Jos. A. Bank Clothiers recorded a 19% increase in combined catalog and Internet sales for the second quarter ended July 29. Total sales rose 21%, to $119 million, up from $98.6 million after the second quarter last year. Net income climbed 32%, to $7 million, compared to $5.3 million last year. Earnings per share rose 27%, to 38 cents.

Consumer Catalog Boosts Cutter & Buck Sales
Sales at sportswear manufacturer/marketer Cutter & Buck increased nearly 18%, to $35.0 million for the fiscal first quarter ended July 31. But net income slipped to $2.0 million from $2.1 million a year ago. Sales from the Seattle-based company’s consumer direct business increased approximately $1.5 million, largely due to the consumer catalog launched in September 2005.

“This is our third consecutive quarter with a sales increase,” CEO Ernie Johnson said in a statement, “and we are particularly pleased with this quarter’s performance because each of our business units reported a year-over-year increase. This is the first time since the third quarter of fiscal year 2000 that every one of our business units reported a sales increase during the quarter.”

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