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: VF Corporation

Apparel/Garments | On 5th May 2016

VF Corp’s Q1 2016 revenue up 2% to $2.8 billion

VF Corporation reported a rise of 2 per cent in its total revenue to...

Textiles | On 5th May 2016

Brazilian cotton prices rise nearly 10% in April

Firm demand, decrease in supply from important cotton growing...

Apparel/Garments | On 5th May 2016

Kishore Biyani named Future Retail’s vice-chairman

Future Retail has appointed its Independent Director VK Chopra as...

Interviews View All

Amit Jain
Shingora Textiles Ltd

What benchmarks in design and production need to be met in the manufacture ...

Paolo Briatore
INVISTA India Sales & Services Ltd.

How do you find the market for intimate wear in India as compared to the...

Vivek Kumar Rawal
BioRe India Ltd.

How is the demand for Indian organic cotton in the world market? What is...

Mohammad Hassan
Biax Fiberfilm

<b><i>About one in every 20 patients picks up an infection while...

Sanjay Gupta
Garware-Wall Ropes Ltd

Sanjay Gupta is a Chemical Engineer (IIT Kanpur) and CFA and PGDFA (ICFAI, ...

Mr Martin Kleinebrecht
Johns Manville

Martin Kleinebrecht (40) is the Marketing Leader of Nonwovens Europe at...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

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

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search