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Cutter & Buck Slowing Expansion, Shedding Jobs

SEATTLE-The locally based golf and leisure apparel company eliminates jobs for the first time in company history and intends to open just two stores this year due to lousy sales.

By Gina Binole | Updated on June 22, 2001

SEATTLE-Cutter & Buck has announced some belt-tightening measures that include scaling back expansion plans by opening just one full-priced retail store and one discount outlet this fiscal year. Other retrenchments include losing 45 positions, 16 via layoffs.

The company’s profit for the fourth quarter sunk 95% from a year ago, to $292,000, or 3 cents a share, compared with $5.8 million or 55 cents a share, for the last quarter of fiscal year 2000. Sales for the quarter dropped 1.8 percent to $53.6 million.

For the year, profit was $3.7 million, or 35 cents a share, a 65% slide from 2000 when the company reported a profit of $10.6 million, or $1.06 a share. Sales for the year were $171.1 million, a 12.2% increase over 2000. The company’s fiscal year began May 1.

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