Sport-Haley, Inc. said net sales for the three months ended March 31, 2008, were $4.74 million, a decrease of 10%, from $5.3 million for the comparable three-month period in the prior fiscal year.
Net sales of fashion apparel for the nine months ended March 31, 2008, were $12,532,000, a decrease of $419,000, or 3%, from net fashion apparel sales of $12,951,000 for the comparable nine-month period in the prior fiscal year. Net sales of Top-Flite branded apparel of $11,000 and $158,000 for the three months and nine months ended March 31, 2008, respectively, were comprised of shipments to a retailer for a test in 50 of its stores and the disposition of inventories related to the cancellation by that retailer of a portion of its original purchase order. Net sales of Top-Flite branded apparel of $1,185,000 for the nine months ended March 31, 2007, were comprised of sales to Wal-Mart of $1,000,000 and sales of $185,000 to other markets with regard to the disposition of inventories related to cancellations of purchase orders by Wal-Mart.
As a percentage of net sales, gross profit of our fashion apparel was 38% and 38%, versus 35% and 36%, for the three months and nine months ended March 31, 2008 and 2007, respectively. As a percentage of net sales, gross profit of our branded apparel was (55%) and 0%, versus 0% and 25%, for the three months and nine months ended March 31, 2008 and 2007, respectively.
Net loss for the three months ended March 31 was $80,000 compared with the net loss of $218,000 a year ago. Net loss for the nine months ended March 31, 2008, was ($683,000), an improvement of $153,000, or 18%, as compared with the net loss of $836,000 for the comparable nine-month period in the prior fiscal year. Basic and diluted earnings (loss) per common share were 4 cents and 9 cents for the three month periods ended March 31, 2008 and 2007, respectively. Basic and diluted earnings (loss) per common share were 30 cents and 31 cents for the nine month periods ended March 31, 2008 and 2007, respectively.
