Blair Corp. a multi-channel marketer of apparel and home products, will repurchase up to 10% of its outstanding common stock. The full 10% represents approximately 400,000 shares.
The purchases will be made intermittently on the open market. On Monday, the Warren, PA-based company reported $456.6 million in net sales for the 2005 calendar year, compared to $496.1 million in net sales in 2004, and net income of $31.5 million, up from $14.9 million. Net income and earnings results for 2005 reflect a one-time gain from the sale of Blair’s $27.7 million (pre-tax) credit portfolio.
The reduction in sales reflects the elimination of the Crossing Pointe catalog.
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