Sport Haley pointed to the now year-old Ben Hogan apparel collections for the increase in sales for its fiscal fourth quarter and full year 2003 ended June 30, 2003.
Net sales of the Ben Hogan apparel line increased 146% to $1.7 million, or 29% of total net Q4 sales, versus 13% of sales in the year-ago quarter. Fiscal year sales for Hogan more than quadrupled to $4.4 million, or 23% of total sales, versus $1.0 million, or 6% of total sales for fiscal 2002.
The sharp increase in gross margins was directly attributable to a decrease in inventory write-downs for the quarter and the year. For Q4 alone, the company saw a $1.0 million benefit from reduced write-down of finished goods inventories.