Panglobal Brands Inc will again record its best quarterly sales revenue in the history of the Company, growing 8% over June 30, 2008.
Sales revenue for the three months ended September 30, 2008 totaled $5,800,000 versus sales revenue of $5,300,000 for the prior three months ended June 30, 2008 and $210,000 for the prior year three months ended September 30, 2007. The company exited development stage status on January 1, 2008 and sales revenue for the nine month period ending September 30, 2008 totaled $14,000,000. Full fiscal year to date sales revenue for the twelve months ended September 30, 2008 totaled $14,169,000 versus $592,000 for the twelve months ended September 2007.
Panglobal Brands Inc. currently has a sales order backlog which continues to grow totaling $9,100,000 for deliveries to retail stores. In addition, we had almost $3,000,000 in shipments for October. Our Scrapbook brand accounts for $3,700,000 of that total and our SoSik brand and our contemporary divisions account for the balance of $5,400,000. Most of the order backlog is intended to be shipped during the five months to March, 2009.
Panglobal Brands acquired the Scrapbook label in June. Scrapbook sales contributed approximately $2,000,000 toward the revenue for the quarter ended September 30, 2008 and revenues are expected to continue to grow in the current quarter. 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 department stores and boutiques.
Our strategy has been to build a series of apparel brands, consisting of mainly women’s apparel.
We now manage our business in three segments-SoSik/juniors, Scrapbook, and contemporary labels. Our SoSik junior business has been our biggest seller for the twelve months ended September 30, 2008 with sales over $9.4 million. We have built some strong customer relationships with Charlotte Russe, Ross, The Buckle and Forever 21. Under the SoSik label, we design and market junior denim, t-shirts, dresses and sportswear.
“We are very pleased with our continued growth during the last three months and with our ability to keep our backlog of open orders consistent and growing. We have trimmed our organization and our overheads as we move forward in difficult times clearly focused on our three strong product lines and on dealing with excellent retailers who can weather this economic storm. We are proud to see our products gaining tremendous acceptance within the channels which we sell,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.
|