Retail Industry
Industry: Email Alert RSS FeedRussell net falls 16.6%, hurt by price pressure. (Brief Article)
Daily News Record, April, 1994
ALEXANDER CITY, Ala. (FNS) --Continuing to face sharp price pressure in the fleece and T-shirt market, Russell Corp. reported first-quarter earnings fell 16.6 percent to $13.4 million, or 33 cents a share.
Tony Meyer, treasurer, noted these earnings were in the high end of Wall Street analysts' estimates, which ranged from 28 to 35 cents a share.
In the year-ago quarter, Russell earned $16 million, or 39 cents, including a gain of 2 cents a share from accounting changes.
In the quarter ended April 3, sales rose 13.4 percent to $332.1 million, from $204.7 million. Latest quarter includes $17.3 million in sales from the acquisition of The Game.
John C. Adams, chairman, president and CEO, said gross margin was hurt by price...
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