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Tarrant Apparel posts first quarter results
13 May '08
3 min read
Royalty expenses decreased by $24,000, or 6.6%, to $334,000 in the first quarter of 2008 from $358,000 in the first quarter of 2007. Terminated acquisition expenses in the first quarter of 2007 were $2.0 million, or 3.6% of total net sales, compared to no such expense in the first quarter of 2008.
Loss from operations was $43,000 in the first quarter of 2008 compared to income from operations of $64,000 in the first quarter of 2007. The net loss for the 2008 first quarter was $253,000 or a loss of $(0.01) per share compared to a net loss of $1.0 million or $(0.03) per share in the year earlier period.
"It is just unfortunate that our positive result in the first quarter was reversed by the need to record a charge for liquidated damages imposed by US Customs in April on some overseas vendors who are no longer operating. We continue to operate in a difficult environment, as retailers continue to face many of the challenges created by a slowing economy and high energy prices,” said Gerard Guez, Chairman and Interim CEO of Tarrant Apparel Group.
"In this environment, we remain highly focused on tight expense controls, while seeking ways to improve sourcing and inventory management. We also continue to work closely with our customers, to ensure that they receive highly attractive products on a timely basis. We believe Tarrant Apparel has taken the necessary measures to operate efficiently during this downturn, and are well positioned to return to growth when consumer spending begins to increase."
Loss from operations was $43,000 in the first quarter of 2008 compared to income from operations of $64,000 in the first quarter of 2007. The net loss for the 2008 first quarter was $253,000 or a loss of $(0.01) per share compared to a net loss of $1.0 million or $(0.03) per share in the year earlier period.
"It is just unfortunate that our positive result in the first quarter was reversed by the need to record a charge for liquidated damages imposed by US Customs in April on some overseas vendors who are no longer operating. We continue to operate in a difficult environment, as retailers continue to face many of the challenges created by a slowing economy and high energy prices,” said Gerard Guez, Chairman and Interim CEO of Tarrant Apparel Group.
"In this environment, we remain highly focused on tight expense controls, while seeking ways to improve sourcing and inventory management. We also continue to work closely with our customers, to ensure that they receive highly attractive products on a timely basis. We believe Tarrant Apparel has taken the necessary measures to operate efficiently during this downturn, and are well positioned to return to growth when consumer spending begins to increase."
Tarrant Apparel Group
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