Home / Knowledge / News / Apparel/Garments / Ironclad Performance Q1 net sales decline 4.5% to $5.1mn
Ironclad Performance Q1 net sales decline 4.5% to $5.1mn
12
May '14
Ironclad Performance Wear Corporation, the recognized leader in high-performance task-specific work gloves, reported financial results for the first quarter ended March 31, 2014.
 
First Quarter 2014 Results
The Company reported Net Sales for the first quarter of 2014 of $5.1 million, a decrease of 4.5% percent from the first quarter total of $5.3 million for 2013. The decline primarily resulted from reduced sales to ORR Safety in our industrial/safety segment and AutoZone in our retail automotive segment. 
 
As disclosed in the prior quarter, the decline with ORR Safety occurred as they completed an inventory rationalization that began during 2013. The Company expects sales to ORR Safety to rebound during the 2nd quarter of 2014. The decline with AutoZone was due to the wind down of our Snap-on license branded program. The Company did experience significant increases in sales with other customers in its industrial, international and private label segments.
 
Gross Profit was $1.5 million, or 28.9% of Net Sales in the first quarter of 2014, compared to $2.0 million, or 37.2% of Net Sales in the first quarter of 2013.   
 
Gross Profit declined in our domestic industrial segment as a result of lower sales volume with our largest industrial customer, ORR Safety.  However, higher revenues and Gross Profit in our international distribution segment offset the majority of the domestic industrial segment's shortfall. 
 
Gross Profit in our private label business more than doubled for the first quarter, all of which was attributable to the increase in private label sales volume. While private label is an important part of our business, it does not generate the margins achieved in our industrial or international segments.
 
The retail segment recorded an approximate 57% decline in Gross Profit from the same period a year ago. The drop was due to the wind down of our Snap-on license program with AutoZone. The Company, for the quarter, recorded lower revenues, all sold at lower margins to close out products, as required by the license, and also incurred other promotional expenses. 
 
Expenses as a percent of Net Sales in the first quarter of 2014 decreased to 38.5%, or $2.0 million, compared to 39.4% of Net Sales, or $2.1 million during the same period last year. 
 
Loss from Operations in the first quarter of 2014 was $484,000, or 9.5%, as compared to a loss of $112,000, or 2.1%, during the same period in 2013.
 
Net Loss for the first quarter of 2014 was $491,000, or $0.01 per share, as compared to a loss of $122,000, or $0.01 per share, in the same period last year. 


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X