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'We continue to grow in tough economic times' - Panglobal CEO
21
May '09
Panglobal Brands Inc has again recorded growth in sales, growing 75% over the same quarter last year. Sales revenue for the three months ended March 31, 2009 totaled $5,177,000 versus sales revenue of $2,963,000 for the three months ended March 31, 2008. Fiscal year to date sales revenue for the six months ended March 31, 2009 totaled $11,629,000 versus $3,084,000 for the six months ended March 31, 2008.

Panglobal Brands Inc currently has a sales order backlog which continues to improve totaling $10,300,000 for deliveries to its retail store customers. Our Sosik brand accounts for $6,300,000 of that total and our Scrapbook brand and our contemporary divisions account for the balance of $4,000,000. Most of the order backlog is intended to be shipped during the five months to September, 2009. In addition, we already had $2,000,000 in shipments for the month of April.

We now manage our women's apparel business in three segments-Sosik/juniors, Scrapbook, and contemporary labels. Our SoSik/junior business continues to be our biggest seller for the six months ended March 31, 2009 with sales of approximately $6,000,000. We continue to have strong customer relationships with Charlotte Russe, Ross, The Buckle, Macy's and Forever 21. In the quarter ended March 31, 2009, J.C. Penney was added to this list and based upon our sales order backlog, J.C. Penney could become our largest customer. Under the SoSik label, we design and market junior t-shirts, dresses and sportswear.

Panglobal Brands acquired the Scrapbook label in June, 2008. Scrapbook sales contributed approximately $4,400,000 toward the revenue for the six months ended March 31, 2009. The Scrapbook label is aimed at junior (teen and early 20's) contemporary markets and is known for its mix and match prints and comfortable knit fabrics. Scrapbook products can be found at Nordstrom, Macy's, Dillard's and better boutiques nationwide.

Our contemporary divisions consist of Haven dresses and Tea and Honey dresses. Haven produces unique print dresses for the young and professional woman and can be found at Saks 5th Avenue, Nordstrom and Macy's. Tea and Honey designs and sells women's contemporary dresses and sportswear and currently sells at Macy's, Anthropologie and at boutiques nationwide.

“We continue to grow in these tough economic times as we produce well-designed fashion products that are fairly priced and offer good value to our customers. Our backlog of open orders continues to increase. We are pleased to add J.C. Penney to our list of fine retail customers and are excited about the sell through of our products in their stores. We achieved profitability for the month of March and continue to look for ways to save on operating expenses in order to sustain profitability,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.

Panglobal Brands Inc

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