Ennis Q1 Net Income Falls on Higher Cotton Costs
Ennis Inc., owner of Alstyle Apparel, saw its first-quarter net income slip 12 percent, hampered by declining profit margins and rising cotton costs.
The company earned $11.4 million, or 44 cents per share, for the three months ended May 31. That's down from $13 million, or 50 cents per share, a year earlier.
Gross profit margin fell to 27.7 percent from 30 percent, while print margins dropped to 28.8 percent from 30.3 percent. Clothing margins declined to 26.8 percent from 29.7 percent.
Revenue climbed 2 percent to $143.3 million from $140.7 million, helped by increased clothing sales.