Ennis, Inc.,(EBF), a supplier of printed business products and apparel, announced Tuesday a lower profit for the second quarter, as increased production costs offset a rise in revenues.
Net income for the second quarter was $7.6 million or 0.29 per share, compared to $9.7 million or $0.37 per share in the year-ago quarter.
Results reflect gross profit margin that decreased to 24.5% from 26.1% a year ago, as higher cotton costs impacted margin at apparel segment.
Revenue for the second quarter increased 6.1% to $138.34 million from $130.38 million in the year-ago quarter.
By segment, revenue from print sales for the quarter increased 24.3% from last year, while apparel sales declined 14.5%, hurt by volume and price decreases.
Moving forward, Ennis has warned of volume and pricing constraints in the apparel market.
Shares of Ennis closed at $16.40, down 48 cents or 2.84%, on the NYSE.
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