Harry & David Holdings, the Oregon-based specialty retailer and producer of branded premium fruit and gourmet food products, has posted net sales of $419.4m for the twenty-six week period to 29 December, representing a 1.3% fall from last year.
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Net income from continuing operations for the first half was $49.9m, down from $57.2m in the twenty-seven week period in fiscal 2007. EBITDA fell from $17.7m to just $100.5. The company said the decrease was primarily due to the prior-year pension curtailment gain, which resulted in a $15.8m non-cash benefit to EBITDA in the first quarter of fiscal 2007, as well as, to a lesser extent, higher selling, general and administrative expenses.
The company booked net sales of $364.0m for the thirteen-week period to 29 December, representing a 0.4% increase on the same period last year.
EBITDA from continuing operations for the quarter rose from $113.8m to $115.2m, while pre-tax income reached $103.8m, against $101.5m last year. The increases were attributed to improved gross profit and gross margin, offset by slightly higher selling, general and administrative costs. Net income for the second quarter was $65.9m, up from $61.7m last year.
“We are pleased to report that in the face of a challenging economic environment, we were able to offset modest volume decreases with production efficiencies and effective markdown management,” said president and CEO Bill Williams. “This quarter’s results demonstrated the strength of the Harry and David brand and the positive impact of our strategies.”
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By GlobalData
