Home / Knowledge / News / Apparel/Garments / Tarrant Apparel gross profit increases in Q1
Tarrant Apparel gross profit increases in Q1
13
May '09
Tarrant Apparel Group, a design and sourcing company for private label and private brand casual apparel, announced financial results for the three months ended March 31, 2009.

The Company reported total net sales of $37.3 million in the first quarter of 2009, a 26.1% decrease compared to total net sales of $50.5 million in the same period of 2008. Private Brands sales were $11.1 million in the first quarter of 2009, compared to $8.3 million in the first quarter of 2008. Private Label sales in the first quarter of 2009 were $26.2 million, as compared to $42.2 million reported in the same period last year.

Gross profit decreased by $2.1 million, or 20.5%, to $8.0 million in the first quarter of 2009 from $10.0 million in the first quarter of 2008. The decrease in gross profit was primarily due to a decrease in total amount of sales. As a percentage of total net sales, gross profit increased from 19.9% in the first quarter of 2008 to 21.4% in the first quarter of 2009. The increase in gross margin in the first quarter of 2009 was due primarily to an increased proportion of sales of Private Brands products that yielded a higher gross margin.

Selling, general and administrative expenses in the first quarter of 2009 were $7.6 million compared to $9.7 million in the first quarter of 2008. The decrease of these expenses in the first quarter of 2009 was due to overhead reduction and cost-cutting efforts. As a percentage of total net sales, selling, general and administrative expenses increased from 19.3% in the first quarter of 2008 to 20.3% in the first quarter of 2009 due to a lower level of sales in the first quarter of 2009. Included in selling, general and administrative expenses in the first quarter of 2008 was a charge of $848,000 resulting from liquidated damages imposed by the U.S. Customs on two of the Company's overseas vendors in April 2008.

Royalty expenses decreased by $72,000, or 21.6%, to $262,000 in the first quarter of 2009 from $334,000 in the first quarter of 2008. The decrease was caused by lowered royalty rates under the amended license agreement with American Rag Cie, LLC reached in December 2008. As a percentage of total net sales, these expenses remained at 0.7% in the first quarter of 2009 and 2008.

Income from operations was $153,000 in the first quarter of 2009 compared to loss from operations of $43,000 in the first quarter of 2008. Income before provision for income taxes and minority interest was $2,000 in the first quarter of 2009 compared to loss before provision for income taxes and minority interest of $139,000 in the first quarter of 2008. The net loss for the 2009 first quarter was $171,000 or a net loss of $(0.01) per basic and diluted share compared to a net loss of $253,000 or $(0.01) per basic and diluted share in the year earlier period.

Tarrant Apparel Group

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

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

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Bani Batra

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

Pranav Mishra
Huemn

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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