Hartmarx Corp., which makes casual and golf apparel, said Thursday it expects to return to profitability after a quarterly loss in the fiscal second quarter but lowered its fiscal-year guidance.
The company has faced falling revenue as consumers cut back on discretionary spending in a difficult economy.
Hartmarx is in the midst of a turnaround plan to reduce its exposure to moderately priced tailored clothing and said it expects to return to profitability in the second quarter.
It expects earnings per share of 5 to 8 cents for the quarter on revenue of $125 million to $135 million.
Analysts polled by Thomson Financial expect a profit of 7 cents per share on revenue of $147.03 million.
However, the company lowered fiscal-year earnings guidance to between 20 cents and 35 cents per share, from previous guidance of 30 cents to 40 cents per share. Analysts expect a profit of 31 cents per share.
The company now expects revenue of $565 million to $590 million, down from a previous outlook of $580 million to $600 million. Analysts expect a profit of $584.9 million.
The large ranges reflect economic uncertainty, the company said.
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