United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the period Ended March 31, 1995 Commission File Number 1-878
-------------- ----------
BLAIR CORPORATION
- ----------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 25-0691670
- ----------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
220 HICKORY STREET, WARREN, PENNSYLVANIA 16366-0001
- ----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(814) 723-3600
- ----------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not applicable
- ----------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter periods that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
----- -----
As of May 10, 1995 the registrant had outstanding 9,273,482 shares of its common
stock without nominal or par value.
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS (UNAUDITED)
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
CONSOLIDATED BALANCE SHEETS
BLAIR CORPORATION AND SUBSIDIARY
March 31 December 31
1995 1994
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,932,669 $ 2,183,136
Customer accounts receivable, less allowances
for doubtful accounts and returns of
$41,112,001 in 1995 and $39,827,161 in 1994 137,446,952 130,517,140
Inventories - Note F
Merchandise 74,198,861 70,562,969
Advertising and shipping supplies 20,974,554 13,394,493
------------ ------------
95,173,415 83,957,462
Deferred income taxes 15,426,000 18,386,000
Prepaid state income taxes 1,217,108 -0-
Prepaid expenses 712,209 558,370
------------ ------------
TOTAL CURRENT ASSETS 251,908,353 235,602,108
PROPERTY, PLANT AND EQUIPMENT - at cost
Land 1,130,454 1,130,454
Buildings 57,660,648 57,422,042
Equipment 32,553,370 32,195,892
Construction in progress 1,231,648 335,122
------------ ------------
92,576,120 91,083,510
Less allowances for depreciation 39,173,765 38,025,818
------------ ------------
53,402,355 53,057,692
------------ ------------
TOTAL ASSETS $305,310,708 $288,659,800
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $ 57,000,000 $ 34,300,000
Trade accounts payable 38,227,963 34,832,191
Advance payments from customers 2,909,739 1,419,582
Accrued expenses - Note D 9,250,448 12,725,522
Federal and state income taxes 211,934 3,426,825
------------ ------------
TOTAL CURRENT LIABILITIES 107,600,084 86,704,120
DEFERRED INCOME TAXES 1,911,000 1,939,000
STOCKHOLDERS' EQUITY
Common Stock without par value:
Authorized 12,000,000 shares; issued
10,075,440 shares (including shares held
in treasury) - stated value 419,810 419,810
Additional paid-in capital 11,017,130 11,017,130
Retained earnings 203,195,171 207,683,352
------------ ------------
214,632,111 219,120,292
Less 801,958 shares of Common Stock in
treasury - at cost 17,238,660 17,238,660
Less receivable from Employee Stock
Purchase Plan 1,593,827 1,864,952
------------ ------------
195,799,624 200,016,680
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $305,310,708 $288,659,800
============ ============
See accompanying notes.
CONSOLIDATED STATEMENTS OF INCOME
BLAIR CORPORATION AND SUBSIDIARY
Three Months Ended
March 31
1995 1994
------------ ------------
Net sales $127,640,505 $118,440,298
Other income - Note G 7,116,153 5,783,813
------------ ------------
134,756,658 124,224,111
Costs and expenses:
Cost of goods sold 62,104,035 56,550,194
Advertising 29,130,962 27,501,365
General and administrative 25,015,922 21,242,945
Provision for doubtful accounts 6,486,067 5,287,066
------------ ------------
122,736,986 110,581,570
------------ ------------
INCOME BEFORE INCOME TAXES 12,019,672 13,642,541
Income taxes - Note E 4,916,000 5,463,000
------------ ------------
NET INCOME $ 7,103,672 $ 8,179,541
============ ============
Net income per share based on average
shares outstanding - Note C $.77 $.88
==== ====
See accompanying notes.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
BLAIR CORPORATION AND SUBSIDIARY
Three Months Ended
March 31
1995 1994
------------ ------------
Common Stock $ 419,810 $ 419,810
Additional paid-in capital 11,017,130 9,595,875
Retained Earnings:
Balance at beginning of period 207,683,352 188,957,972
Net income 7,103,672 8,179,541
Cash dividend declared - Note B (11,591,853) (9,231,032)
------------ ------------
Balance at end of period 203,195,171 187,906,481
Treasury Stock:
Balance at beginning of period (17,238,660) (16,056,017)
Purchase of common stock for treasury -0- (1,470,000)
------------ ------------
Balance at end of period (17,238,660) (17,526,017)
Receivable from Employee Stock Purchase Plan:
Balance at beginning of period (1,864,952) (1,713,840)
Payments 271,125 175,950
------------ ------------
Balance at end of period (1,593,827) (1,537,890)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY $195,799,624 $178,858,259
============ ============
See accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS
BLAIR CORPORATION AND SUBSIDIARY
Three Months Ended
March 31
1995 1994
------------ ------------
OPERATING ACTIVITIES
Net income $ 7,103,672 $ 8,179,541
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 1,168,392 1,123,018
Provision for doubtful accounts 6,486,067 5,287,066
Provision for deferred income taxes 2,932,000 (769,000)
Changes in operating assets and
liabilities (using) providing cash:
Customer accounts receivable (13,415,879) (991,606)
Inventories (11,215,953) (4,144,784)
Prepaid expenses (153,839) (264,864)
Trade accounts payable 3,395,772 (182,399)
Advance payments from customers 1,490,157 1,228,754
Accrued expenses (3,475,074) (2,165,634)
Federal and state income taxes (4,431,999) (1,753,000)
------------ ------------
NET CASH (USED IN) PROVIDED BY
OPERATING ACTIVITIES (10,116,684) 5,547,092
INVESTING ACTIVITIES
Purchases of property, plant and equipment (1,513,055) (1,311,530)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (1,513,055) (1,311,530)
FINANCING ACTIVITIES
Net proceeds from lines of credit 22,700,000 5,400,000
Dividend paid (11,591,853) (9,231,032)
Purchase of common stock for treasury -0- (1,470,000)
Payments on receivable from
Employee Stock Purchase Plan 271,125 175,950
------------ ------------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 11,379,272 (5,125,082)
------------ ------------
DECREASE IN CASH AND CASH EQUIVALENTS (250,467) (889,520)
Cash and cash equivalents at beginning of year 2,183,136 2,937,432
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,932,669 $ 2,047,912
============ ============
See accompanying notes.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Blair
Corporation and its wholly-owned subsidiary have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three months ended March 31, 1995 are not necessarily
indicative of the results that may be expected for the year ending December 31,
1995. For further information refer to the financial statements and footnotes
included in the company's annual report on Form 10-K for the year ended
December 31, 1994.
The consolidated financial statements include the accounts of Blair Corporation
and its wholly-owned subsidiary, Blair Holdings Inc. All significant
intercompany accounts are eliminated upon consolidation.
NOTE B - DIVIDENDS DECLARED
2-09-94 $1.00 per share 2-07-95 $1.25 per share
4-19-94 .35 4-18-95 .35
7-20-94 .35
10-19-94 .35
NOTE C - NET INCOME PER COMMON SHARE
Three Months Ended
March 31
1995 1994
----------- -----------
Net income $ 7,103,672 $ 8,179,541
Average shares outstanding 9,273,482 9,248,532
Net income per common share $.77 $.88
NOTE D - ACCRUED EXPENSES
Accrued expenses consist of:
March 31 December 31
1995 1994
----------- -----------
Employee compensation $ 6,220,839 $ 6,426,098
Contribution to profit sharing
and retirement plan 779,681 4,023,519
Taxes, other than taxes on income 945,677 699,387
Other accrued items 1,304,251 1,576,518
----------- -----------
$ 9,250,448 $12,725,522
=========== ===========
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
NOTE E - INCOME TAXES
The components of income tax expense are as follows:
Three Months Ended
March 31
1995 1994
----------- -----------
Currently payable:
Federal $ 1,813,000 $ 5,107,000
State 171,000 1,125,000
----------- -----------
1,984,000 6,232,000
Deferred (credit) 2,932,000 (769,000)
----------- -----------
$ 4,916,000 $ 5,463,000
=========== ===========
The differences between total tax expense and the amount computed by applying
the statutory federal income tax rate of 35% to income before income taxes are
as follows:
Three Months Ended
March 31
1995 1994
----------- -----------
Statutory rate applied to
pre-tax income $ 4,206,885 $ 4,774,889
State income taxes, net
of federal tax benefit 643,500 625,300
Other items 65,615 62,811
----------- -----------
$ 4,916,000 $ 5,463,000
=========== ===========
Components of the provision for deferred income tax expense (credit) are
as follows:
Three Months Ended
March 31
1995 1994
----------- -----------
Provision for estimated
returns $ 73,000 $(1,009,000)
Provision for doubtful accounts (402,000) (330,000)
Advertising costs 3,290,000 619,000
Other items - net (29,000) (49,000)
----------- -----------
$ 2,932,000 $ (769,000)
=========== ===========
Significant components of the company's deferred tax assets and liability as of
March 31, 1995 and December 31, 1994 are as follows:
March 31 December 31
1995 1994
----------- -----------
Current deferred tax assets - net:
Doubtful accounts $13,468,000 $13,066,000
Returns allowances 2,370,000 2,443,000
Inventory obsolescence 1,894,000 1,883,000
Vacation pay 1,268,000 1,264,000
Inventory costs 1,487,000 1,479,000
Advertising costs (5,452,000) (2,162,000)
Other items 391,000 413,000
----------- -----------
$15,426,000 $18,386,000
=========== ===========
Long-term deferred tax liability:
Property, plant and equipment $ 1,911,000 $ 1,939,000
=========== ===========
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
NOTE F - INVENTORIES
Inventories are valued at the lower of cost or market. Cost of merchandise
inventories is determined principally on the last-in, first-out (LIFO) method.
Cost of advertising and shipping supplies is determined on the first-in, first-
out (FIFO) method. If the FIFO method had been used for all merchandise
inventories, the total amount would have increased by approximately $8,810,000
at March 31, 1995 and $8,690,000 at December 31, 1994, respectively.
NOTE G - OTHER INCOME
Other income consists of:
Three Months Ended
March 31
1995 1994
----------- -----------
Finance charges on time
payment accounts $ 6,720,322 $ 5,456,544
Other items 395,831 327,269
----------- -----------
$ 7,116,153 $ 5,783,813
=========== ===========
Finance charges on time payment accounts are recognized on an accrual basis of
accounting based upon principal balances outstanding.
NOTE H - RECLASSIFICATIONS
Certain amounts previously reported in the 1994 financial statements have been
reclassified to conform with current year classifications.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
Results of Operations
- ---------------------
A new record for first quarter net sales was set in 1995. Net income, however,
didn't keep pace - first quarter 1995 net income was 13.2% lower than first
quarter 1994 net income. The reduction in earnings was primarily attributable
to increased postage, paper and payroll costs. Increased response to the 1995
advertising effort was unable to totally offset the increased postage, paper
and payroll costs.
Net sales for the first quarter 1995 increased 7.8% over 1994 and 6.8% over the
prior record first quarter 1993 net sales. The record 1995 sales resulted from
increased response rates. Response rates in 1995 benefited from the company's
expansion of the credit limits provided to our better customers. Response to
customer multi-product circular mailings increased 27.3%, response to the home
products customer catalogs increased 4.6% and response to the co-op and media
programs increased 11.6%. The company generated only .4% more gross sales per
advertising dollar in the first quarter 1995 as the increased response rates
barely offset increased advertising costs (primarily postage and paper). The
number of orders filled increased 1.1% and the average order size increased
5.6% in the first quarter of 1995 as compared to the first quarter of 1994.
Returns as a percentage of adjusted gross sales improved to 14.9% in the 1995
quarter from 15.3% in the 1994 quarter. Changes in product mix (more higher
quality products) and sales mix (fewer prospects) in 1995 contributed to the
returns improvement.
Other income increased 23.0% in the first quarter of 1995 as compared to the
first quarter of 1994. The increase was primarily due to finance charges
earned on increased Easy Payment Plan accounts receivable. Prospect multi-
product circular mailings and prospect catalogs offer revolving credit to first-
time buyers. These programs along with the expansion of the credit limits of
our better customers and the reduction in our minimum payment schedule
(effective January 1, 1995 - from 10% to 5% on average) have been greatly
responsible for an increase in average Easy Payment Plan accounts receivable of
23.3% (approximately $30,600,000) in first quarter 1995 as compared to first
quarter 1994. Easy Payment Plan gross sales increased 21.4% in the quarter-to-
quarter comparison.
Cost of goods sold as a percentage of net sales increased to 48.7% in 1995 from
47.7% in 1994. The higher cost of goods primarily resulted from increased
delivery costs. Increases in postal rates and the use of express delivery
drove delivery costs up.
Advertising expenses in the first quarter of 1995 increased 5.9% from 1994.
Reductions in circular mailings and the co-op and media programs were more than
offset by increases in catalog mailings and postage and paper costs.
The total number of circular mailings released in the first quarter of 1995 was
17.9% less than in 1994 (1995 - 43.7 million, 1994 - 53.3 million). A 22.5%
decrease in multi-product customer mailings (1995 - 31.1 million, 1994 - 40.2
million), a .8% increase in multi-product prospect mailings (1995 - 10.7
million, 1994 - 10.6 million), a 23.4% decrease in single-product mailings
(1995 - 1.9 million, 1994 - 2.5 million), a 12.5% increase in average mailing
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS - Continued
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
Results of Operations - Continued
- ---------------------
cost (postage) and an 11.0% increase in average production cost (primarily
paper) resulted in a net cost reduction of approximately $713,000. Customer
circular mailings have decreased in the 1995 quarter due to the better
targeting of mailings, the removal of non-responding names and the increased
volume of home products catalogs.
Total volume of the co-op and media advertising programs decreased 9.9% in the
first quarter of 1995 as compared to 1994 (1995 - 577 million, 1994 - 640
million). The reduced volume and a 4.1% increase in average production and
placement costs (primarily paper and postage) resulted in a net cost decrease
of approximately $333,000.
In the first quarter of 1995, 5.1 million home products catalogs were mailed
(1.0 million to prospects) as compared to 1.1 million (.2 million to prospects)
in the first quarter of 1994. The catalog format which has become the primary
advertising format for home products will be tested for men's apparel in fall
1995 and women's apparel in spring 1996. The increased volume and mailing
costs resulted in a cost increase of approximately $2,508,000.
General and administrative expenses increased 17.8% in the 1995 quarter as
compared to 1994. A 14.6% increase in wages and benefits and increased
interest expense and professional services were primarily responsible for the
increased general and administrative expenses. Wages and benefits were higher
due to normal pay increases, a larger work force and an increase in the normal
work week from 37 1/4 hours to 40 hours. On average, the number of employees
increased 5.5% in the 1995 quarter. The work week was extended to 40 hours at
the beginning of the fourth quarter 1994. Interest expense was higher
($615,626 in 1995, $72,244 in 1994) due to increased borrowings needed to
finance higher inventories and customer accounts receivable balances.
Professional services were higher primarily due to consulting fees related to
the study of the company's distribution systems.
The provision for doubtful accounts as a percentage of credit sales was 7.2%
higher in the first quarter of 1995 as compared to 1994. The increased
provision was based on increased charge offs experienced in 1994. Total credit
sales increased 14.4% and total finance charges increased 23.5% in the 1995
first quarter. Prospect (first-time buyer) credit sales and finance charges
carry a higher credit risk. Prospect sales as a percentage of total credit
sales were approximately 7.2% in 1995 and 8.4% in 1994. Prospect finance
charges as a percentage of total finance charges were approximately 5.7% in
1995 and 6.1% in 1994. The estimated bad debt rate used in providing for
doubtful accounts is based on current expectations, sales mix (prospect vs.
established customer) and prior years' experience. The rate used in providing
for bad debts has remained relatively consistent since mid-1994. Recoveries of
bad debts previously charged off have been credited back against the allowance
for doubtful accounts.
Income taxes as a percentage of income before income taxes were 40.9% in 1995
and 40.0% in 1994. The federal income tax rate was 35% in both years. The
company's effective state income tax rate was lower in 1995 as the Pennsylvania
statutory rate fell from 12.25% to 11.99% in the third quarter of 1994,
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS - Continued
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
Results of Operations - Continued
- ---------------------
effective January 1, 1994 and to 10.99% effective January 1, 1995. The
reduction in the effective state income tax rate caused a reduction in the
company's net deferred tax asset and an increase in income tax expense of
approximately $185,000 in the first quarter of 1995.
Liquidity and Sources of Capital
- --------------------------------
All working capital and cash requirements were met and suppliers' invoices were
timely paid in order to maximize discounts. Effective March 9, 1995, the
company has $60,000,000 available in lines of credit, $10,000,000 with no
specified expiration date and $50,000,000 expiring May 31, 1995. Management
anticipates renewing the lines upon their expiration. Short-term borrowings
outstanding during the first quarter of 1994 averaged approximately $7,100,000
as compared to approximately $37,600,000 during the first quarter of 1995.
$57,000,000 was outstanding at March 31, 1995, $55,400,000 at May 10, 1995.
The ratio of current assets to current liabilities was 2.34 at March 31, 1995,
2.72 at December 31, 1994 and 2.98 at March 31, 1994. Working capital
decreased $4,589,719 in the first quarter of 1995. The decrease was primarily
reflected in increased notes payable and trade accounts payable and decreased
deferred income taxes more than offsetting increased inventories and customer
accounts receivable and decreased federal and state income taxes. Primarily,
the 1995 decline in working capital was attributable to the $11,591,853
dividend declared and paid in the first quarter.
Merchandise inventory turnover was 3.1 at March 31, 1995, 3.3 at December 31,
1994 and 3.7 at March 31, 1994. Merchandise inventory as of March 31, 1995
increased 5.2% from December 31, 1994 and 52.1% from March 31, 1994. Net sales
for the first quarter of 1995 increased 7.8% over the first quarter of 1994. A
large portion of the growth in merchandise inventory from the first quarter of
1994 was due to the expansion of home products inventory to service the 350-400
product catalogs. Home products net sales as a percentage of total net sales
increased to 13.5% ($17.2 million) in 1995 as compared to 10.5% ($12.5
million) in the first quarter of 1994. Home products inventory totaled $12.7
million at March 31, 1995 as compared to $13.3 million at December 31, 1994 and
$6.6 million at March 31, 1994. Inventory levels (women's, men's and home
products) have also been impacted by the continuing effort to increase order
fulfillment rates and by lower than anticipated customer response in the fourth
quarter of 1994.
The company has added new facilities, modernized its existing facilities and
acquired new cost saving equipment during the last several years. Capital
expenditures for property, plant and equipment totaled $1,513,055 during the
first quarter of 1995 and $1,311,530 during the first quarter of 1994.
The company has nearly completed the renovation of its headquarters facility in
Warren. Renovation of the first two levels was completed in February 1993.
The remaining two levels, minus a few thousand square feet, were completed near
the end of 1994. Total cost of the renovation is estimated at $13,600,000.
Total cost incurred as of March 31, 1995 was approximately $13,500,000.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS - Continued
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
Liquidity and Sources of Capital - Continued
- --------------------------------
The company completed its new Erie, Pennsylvania outlet store. Total cost of
the new store, which opened May 23, 1994, was $2.1 million. The old Erie store
building was sold in August 1994.
The company has undertaken a study of its distribution center, focused on
operational and customer service improvements. On October 19, 1994, the Board
of Directors approved a 64,000 square-foot warehouse addition to the
distribution center. Construction began in January 1995 with completion
anticipated in early September 1995. Estimated cost of the project is $6.85
million and, as of March 31, 1995, total cost incurred was approximately
$1,200,000. The continuing study includes examining the merits of a variety of
service-enhancing options, including a possible second distribution center
located outside of the Warren, Pennsylvania area.
It is anticipated that planned capital expenditures for the years ahead will be
financed by cash flow from operations and borrowings.
Impact of Inflation and Changing Prices
- ---------------------------------------
Although inflation has moderated in our economy, the company is continually
seeking ways to cope with its impact. To the extent permitted by competition,
increased costs are passed on to customers by selectively increasing selling
prices over a period of time. During the past several years, selling prices
have been raised sufficiently to offset increased merchandise costs, thereby
realizing profit margins that continue to build fiscal strength. Profit
margins will be pressured by postal rate and paper cost increases in 1995. The
company's estimate of the increased cost of postage and paper approximates
$12,000,000.
The company principally uses the LIFO method of accounting for its merchandise
inventories. Under this method, the cost of products sold reported in the
financial statements approximates current costs and thus reduces distortion in
reported income due to increasing costs. The charges to operations for
depreciation represent the allocation of historical costs incurred over past
years and are significantly less than if they were based on the current cost of
productive capacity being used.
Property, plant and equipment are continuously being expanded and updated.
Recent major projects are discussed under Liquidity and Sources of Capital.
Assets acquired in prior years will, of course, be replaced at higher costs but
this will take place over many years. New assets, when acquired, will result
in higher depreciation charges, but in many cases, due to technological
improvements, savings in operating costs should result. The company considers
these matters in setting pricing policies.
PART II. OTHER INFORMATION
BLAIR CORPORATION AND SUBSIDIARY
March 31, 1995
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
--------
None
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter end
March 31, 1995.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BLAIR CORPORATION
--------------------------
(Registrant)
Date May 10, 1995 By Giles W. Schutte
- ----------------------- --------------------------------
Giles W. Schutte
Executive Vice President and Treasurer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BLAIR
CORPORATION 3/31/95 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FIRST QUARTER, 1995 10-Q FILING FOR BLAIR CORPORATION.
</LEGEND>
<CIK> 0000071525
<NAME> BLAIR CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 1,932,669
<SECURITIES> 0
<RECEIVABLES> 178,558,953
<ALLOWANCES> 41,112,001
<INVENTORY> 95,173,415
<CURRENT-ASSETS> 251,908,353
<PP&E> 92,576,120
<DEPRECIATION> 39,173,765
<TOTAL-ASSETS> 305,310,708
<CURRENT-LIABILITIES> 107,600,084
<BONDS> 0
<COMMON> 419,810
0
0
<OTHER-SE> 195,379,814<F1>
<TOTAL-LIABILITY-AND-EQUITY> 305,310,708
<SALES> 127,640,505
<TOTAL-REVENUES> 134,756,658
<CGS> 62,104,035
<TOTAL-COSTS> 122,736,986
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 6,486,067
<INTEREST-EXPENSE> 615,626
<INCOME-PRETAX> 12,019,672
<INCOME-TAX> 4,916,000
<INCOME-CONTINUING> 7,103,672
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,103,672
<EPS-PRIMARY> .77
<EPS-DILUTED> .77
<FN>
<F1>AMOUNT INCLUDES ADD'L PAID-IN CAPITAL, RETAINED EARNINGS, TREASURY STOCK AND
THE EMPLOYEE STOCK PURCHASE PLAN RECEIVABLE.
</FN>
</TABLE>
