Home / Knowledge / News / Apparel/Garments / Decline in sales of branded garments at Cygne Designs in Q1
Decline in sales of branded garments at Cygne Designs in Q1
20
Jun '08
Cygne Designs Inc announced results of operations for the first quarter ended April 30, 2008.

Net sales for the first quarter of 2008 were $15,282,000, a decrease of $5,581,000 from $20,863,000 net sales for the first quarter of 2007. This decrease in sales is comprised of a $1,616,000 decrease in sales from branded garments, and a decrease of $10,430,000 from the loss of business of two major customers, partially offset by an increase in sales of our private label business of $5,559,000 and an increase in our non-denim products of $906,000.

Gross profit for the first quarter of 2008 was $547,000, a decrease of $3,626,000, or 86.9%, from the gross profit of $4,173,000 for the first quarter of 2007. Gross margins decreased to 3.6% compared to 20% in the prior year period as a result of the product categories sold and the fact that the Company no longer has a guaranteed margin agreement in place with its former supplier.

Additionally, the Company's initial gross margins with its new suppliers were lower overall compared to the prior year period and, due to late deliveries during the period, the Company incurred significant chargebacks and late delivery fees, which negatively impacted gross margins during the period.

The Company recorded a net loss of $3,800,000, or $0.10 loss per share on a basic and diluted share basis, for the quarter ended April 30, 2008 as compared to a net loss of $1,372,000, or $0.05 per share on a basic and diluted share basis, for the prior year period.

The net loss of $3,800,000 for the three months ended April 30, 2008 included expenses of $1,008,000 for a severance expense attributable to the Company's former CEO and $273,000 for non-cash stock compensation issued to the Company's current CEO.

Cygne Designs Inc


Must ReadView All

Pakistan’s textile exports up 7.72% in July-Oct ’17

Textiles | On 21st Nov 2017

Pakistan’s textile exports up 7.72% in July-Oct ’17

The value of textile and garment exports from Pakistan increased by...

Brandix signs JV with Best Pacific of Hong Kong

Textiles | On 21st Nov 2017

Brandix signs JV with Best Pacific of Hong Kong

In a joint venture (JV) with the global synthetic materials...

CAI estimates 2017-18 cotton crop at 375 lakh bales

Textiles | On 21st Nov 2017

CAI estimates 2017-18 cotton crop at 375 lakh bales

In its first estimate of the cotton crop for the 2017-18 season...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

November 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

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

Yes No

Active Poll

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

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

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

Yes No

Active Poll

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

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

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

Active Poll

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

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


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