7/11/2008 Yield: 3.82% PE: 12 PEG: 0.96

12.3 PE; P/B 1.43; 37.7% Annual EPS Growth; 9.5% 5 Yr. Div Growth

GROWTH

Hold - Price 28.40 on Oct. 9
by Morgan Joseph
Disappointing F1Q08 EPS sends shares lower, 27 cents versus our 48 cents estimate....While sales fell year over year 16%, the drop was not dramatically off from our expectations. The biggest factor that reduced profits was [sales, general and administrative costs] which increased as a percentage of sales 690 basis points. While all divisions declined, the largest drop came within Lanier Clothes (down 13% y/y) and Oxford Apparel (down 34%). The majority of the Oxford decline was expected and due to a restructuring, but weak macro economic conditions and delayed retail purchases contributed...with no clear indication for a near-term turnaround.

Upgraded by Sun Trust Rbsn Humphrey from Neutral to Buy