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Blair First Quarter

From: ASAP


Blair Corporation a national catalog and multi-channel direct marketer of women's and men's apparel and home products, today announced results for the first quarter ended March 31, 2002.

Net sales for the first quarter ended March 31, 2002 were $135,261,455 compared to $133,055,145 reported for the first quarter ended March 31, 2001.

Net income for the first quarter ended March 31, 2002 was $5,601,131, or $.70 per share, compared to a net loss of $231,946, or $.03 per share, reported for the first quarter a year ago. Results for the first quarter of 2001 reflected a one-time $2.5 million cost associated with the Company's voluntary separation program. Without the one-time charge, Blair would have reported net income of $1,225,575 or $.15 per share, for the first quarter of 2001.

Results for the quarter reflect decreases in operating costs and the provision for doubtful accounts. Operating costs for the first quarter, which include advertising, general & administrative and interest expenses, decreased 10% compared to the first quarter a year ago. The provision for doubtful accounts for the first quarter decreased 12% compared to the same period last year.

John E. Zawacki, President and CEO said, "We are pleased by the increase in first quarter results which were achieved in conjunction with a reduction in operating expenses. We believe future sales and profitability will continue to benefit from investments made to enhance our core businesses and growth initiatives including Crossing Pointe and e-commerce. In the first quarter, Blair has generated over $12 million in e-commerce sales demand and is well-positioned in 2002 to exceed the $35 million in e-commerce orders generated in all of 2001."

"In addition to enhancing our position as a premiere direct marketer to value-conscious consumers, we continue to expand our customer base through the growing appeal of Crossing Pointe and Internet shopping. We remain focused on becoming a billion-dollar company before the end of the decade," concluded Mr. Zawacki.

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