Home / Knowledge / News / Apparel/Garments / Next Inc announces Q3 earnings
Next Inc announces Q3 earnings
30
Sep '08
Next Inc announced its fiscal third quarter earnings for the three and six-month periods ended August 29, 2008. The Company will file its Form 10-Q for the quarter on or before Monday, October 13, 2008.

Net sales increased 25% to $7,323,686 for the three months ended August 29, 2008, compared to $5,858,225 for the three months ended August 31, 2007. The Company earned $212,406, or $0.01 per share for the third quarter of 2008 compared to prior year earnings of $203,408 or $0.01 per share for the same period. There were no special, one-time credits associated with either quarter's results.

For the nine months ended August 29, 2008, net sales increased to $11,981,853, compared to $11,641,458 for the nine months ended August 31, 2007. The Company's loss narrowed to $682,805, or $0.03 per share for the year-to-date of 2008 compared to the prior year's loss of $758,193, or $0.04 per share for the same period.

Mr. David Cole, the Company's CFO, stated, "The quarter's gross operating margins were down slightly this year over last year primarily due to sales mix changes which were not totally offset by improvements in manufacturing operations costs. There was also a continuing customer realignment that affected our commission expense and we incurred higher financing expenses. All of these issues were more than offset by lower general and administrative expenses during the quarter, which resulted in higher earnings.”

Cole continued, “With current customer commitments, we anticipate our inventories should begin to drop over the balance of the year and our cash position will benefit directly. We've already experienced better cash flow from operations this quarter which will help as we begin the process of refinancing our revolving line of credit. We have already commenced this process with encouraging results. We expect to announce a new revolving line of credit in the next month.”

Mr. Robert Budd, the Company's CEO, stated, “We are pleased to report a 25% increase in year over year third quarter sales along with a profitable quarter. Despite these results, we continue to believe that economic factors impacting the retail apparel segment continue to play a material role in our results.

Our focus on working towards improving our sales volumes are now beginning to yield tangible results, putting us on par with last year on a year-to-date basis. We continue to be pleased with the trend of improvements in quarter over quarter earnings arising from our diligent focus on maximizing operational efficiencies. We will continue to review new opportunities to diversify sales into new distribution channels, and improve existing ones.”

Next Inc

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

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

Wendell Rodricks
Wendell Rodricks

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

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search