Exhibit 99.1
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CONTACTS: |
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Blair Corporation
Larry Pitorak, CFO & CAO
814-723-3600
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Carl Hymans
G.S. Schwartz & Co
212-725-4500
carlh@schwartz.com |
BLAIR CORPORATION REPORTS SALES RESULTS FOR FIRST TWO MONTHS OF 2007
WARREN, Pa., (March 19, 2007) Blair Corporation (Amex: BL), (www.blair.com), a national
multi-channel direct marketer of womens and mens apparel and home products, today announced sales
results for the first two months of 2007.
In light of the fact that Blair shareholders will soon be asked to vote on the merger of Blair with
Appleseeds Topco, Inc., the Companys Board of Directors believes Blairs shareholders should have
an update on the Companys performance for the first two months of 2007. Sales for the two month
period were, $47.1 million, $17.4 million lower than the first two months of 2006. This represents
a 27.0% decline in net sales from 2006 and is 15.8% below our expectations for the first two months
of 2007.
The Company reduced its 2007 circulation plan in an effort to be more efficient with its selling
expenses. However, customer demand in 2007 has been even softer than expected. During the first two
months, the merchandise offering was predominantly spring apparel; and our customer has been slow
to respond to these products during this years abnormally cold winter months. The Company also
experienced some fulfillment difficulties as a result of the start up of a new warehouse management
software system.
The Companys business includes some seasonal deviations in demand and the first two months are not
necessarily reflective of the full year outlook for the business. The Company anticipates releasing
its first quarter 2007 results during the week of April 16.
The Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission
(SEC) and intends to file a definitive proxy statement in connection with the proposed merger
with Appleseeds Topco, Inc. The Companys investors and security holders are urged to read the
definitive proxy statement and other relevant materials when they become available, because they
will contain important information about the Company and the proposed merger. In addition to the
documents described above, the Company files annual, quarterly and current reports, proxy
statements and other information with the SEC. The definitive proxy statement and other relevant
materials (when they become available), and any other documents filed with the SEC by the Company
are available without charge at the SECs website, at www.sec.gov. In addition, investors
and security holders may obtain copies of the documents filed with the SEC by the Company without
charge by contacting: Roger Allen, Blair Corporation, 220 Hickory Street, Warren, Pennsylvania
16366 or by visiting the Companys website at www.blair.com. The Company is not currently
engaged in a solicitation of proxies of the investors or security holders of the Company in
connection with the proposed merger. If a proxy solicitation commences, the Company and its
directors and executive officers may be deemed to be participants in the solicitation of proxies
from the Companys stockholders in connection with the proposed merger. A description of certain
interests of the directors and executive officers of the Company is set forth in the Companys
proxy statement for its 2006 annual meeting which was filed with the SEC on March 24, 2006.
Additional information regarding the interests of such potential participants will be included in
the definitive proxy statement and other relevant documents to be filed with the SEC in connection
with the proposed merger.
ABOUT BLAIR
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad range of womens and mens
apparel and home products through direct mail marketing and its Web site www.blair.com. Blair
Corporation employs approximately 1,900 associates (worldwide) and operates facilities and retail
outlets in Northwestern Pennsylvania as well as a catalog outlet in Wilmington, Delaware. The
Company, which has annual sales of approximately $425 million, is publicly traded on the American
Stock Exchange (Amex: BL).
This release contains certain statements, including without limitation, statements containing the
words believe, plan, expect, anticipate, strive, and words of similar import relating to
future results of the Company (including certain projections and business trends) that are
forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a result of certain risks and
uncertainties, including but not limited to, changes in political and economic conditions, demand
for and market acceptance of new and existing products, as well as other risks and uncertainties
detailed in the most recent periodic filings of the Company with the Securities and Exchange
Commission.