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Nitches Swings to First-Quarter Profit
Friday January 20, 10:41 am ET
Nitches Swings to First-Quarter Profit As Sales More Than Double on New Acquisition
SAN DIEGO (AP) -- Wholesale clothing retailer Nitches Inc. said Friday it swung to a profit in its fiscal first quarter, as revenue from a newly acquired business helped more than double sales.
Nitches swung to a profit of $520,000, or 42 cents per share, from the year-ago quarter's loss of $12,000, or 1 cent per share. Sales jumped to $14.7 million from $6.3 million a year earlier.
The company, which sells women's clothing wholesale to retailers such as Kohl's Corp. and Stein Mart Inc., in October acquired a remaining 72 percent stake of lingerie company Designer Intimates Inc. In the first quarter, which ended Nov. 30, new business from Designer Intimates contributed $6.4 million to Nitches sales.
Last month, Nitches said it would pay a stock dividend to shareholders of 200 percent per share, increasing the amount of its outstanding shares to 4.05 million from 1.35 million.
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