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Russell Reports Third Quarter Growth

Russell ReportsThird Quarter GrowthRussell Corp., Atlanta, reported third-quarter 2002 sales increased by 10 percent over year-earlier sales, while earnings per share (EPS) grew by 29 percent over year-earlier EPS.Third-quarter EPS of 72 cents included an after-tax charge of $3.1 million, or 10 cents per share, resulting from an increase of Kmart bad debt reserve on its pre-Chapter 11 accounts receivable balance.Sales rose $35.7 million to $387 million. Russell credited the increase to new and expanded fall programs for fleece, socks and certain branded products.Our business building and cost saving efforts have been key elements in improving our financial results, said Jack Ward, chairman and CEO. December 2002