Home / Knowledge / News / Apparel/Garments / Apparel labeling remains sound for future growth - Checkpoint
Apparel labeling remains sound for future growth - Checkpoint
03
Nov '10
Checkpoint Systems, Inc. reported financial results for the third quarter ended September 26, 2010.

Net revenues for the third quarter of 2010 were $203.3 million compared to net revenues for the third quarter of 2009 of $194.1 million. Net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2010 were $7.1 million, or $0.17 per diluted share, compared to net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2009 of $2.6 million, or $0.07 per diluted share.

Non-GAAP net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2010 excluding restructuring expense and the impact of a change in valuation allowances were $12.0 million, or $0.30 per diluted share. Non-GAAP net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2009 were $6.4 million, or $0.16 per diluted share.

"For the quarter just ended, we continued to realize organic revenue growth in all our business segments and our three major geographies. In particular, strong growth in our Alpha business was driven by retailers who seek solutions that enhance their merchandising and loss prevention. However, our EAS consumables business, which had been very strong through the first half of the year, slowed across most product lines and geographies. We believe this business will be back on track by early 2011. Additionally, our EAS systems business continues to be impacted by the prolonged economic sluggishness in Europe," said Rob van der Merwe, Chairman, President and Chief Executive Officer of Checkpoint Systems.

"Gross margin for the quarter declined, principally due to our Apparel Labeling Solutions business segment where changes in product mix, including the impact of lower margin products from our Brilliant Label business, continued from last quarter.

"Many of the issues that negatively affected the third quarter are projected to continue for the balance of the year and therefore we have updated guidance. At this time we do not believe the higher end of our previous guidance is achievable and we have reflected that in our current guidance," added van der Merwe.

Mr. van der Merwe concluded, "With today's third quarter results we are providing broad metrics of a SG&A restructuring plan first announced late last year. The program is expected to reduce SG&A costs by $20.0 million to $25.0 million, with roughly $15.0 million to $17.0 million of the restructuring savings expected to be realized in 2011 and the full benefit in 2012. The cost of the program is expected to be $20.0 million to $25.0 million. Finally, we believe that the impact of current conditions on our business is temporary and that our strategy to focus on the converging fields of shrink management, merchandise visibility and apparel labeling remains sound and provides a solid foundation for future growth."


Must ReadView All

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

APTMA calls for implementation of PM’s export package

Textiles | On 21st Oct 2017

APTMA calls for implementation of PM’s export package

The All Pakistan Textiles Mills Association (APTMA) has called for...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravindra Jain, Ashish Baid

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mike Hoffman
Gildan Activewear SRL

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

October 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
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

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
27.9%
Skip
10.3%

Total Votes: 68

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
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

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
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


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