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Fashion retailer Swank Inc June net retail sales up 20%
08 Aug '06
3 min read
John Tulin, President of SWANK INC reported net sales and operating results for the Company's second quarter and six months ended June 30, 2006:
The Company's net income for the quarter ended June 30, 2006 was $976,000 compared to net income of $89,000 for the corresponding quarter last year. For the six-month period, the Company's net income was $1,000,000 compared to a net loss of $782,000 for the six months ended June 30, 2005.
Net sales for the quarter ending June 30, 2006 were $26,447,000, an increase of $4,422,000 or 20 percent compared to the quarter ending June 30, 2005. For the six-month period ending June 30, 2006, net sales totaled $48,614,000, an increase of $7,346,000 or 18 percent compared to the corresponding period last year.
The increase during both the quarter and six-month periods was principally due to increased shipments of the Company's jewelry and belt merchandise and a more favorable adjustment for customer returns, offset in part by increases in in-store markdown expenses. Net sales of the Company's men's jewelry merchandise increased 13 percent and 31 percent during the quarter and six-month periods ending June 30, 2006, respectively, compared to the corresponding prior year periods. These increases reflect the continued strong demand for both the Company's private label and branded jewelry collections that has been driven largely by men's fashion trends.
Belt net sales increased 29 percent and 24 percent for the quarter and six-month periods, respectively, due mainly to increases in certain private label shipments in connection with both new business opportunities and expansion of market share associated with existing programs. During the quarter, we commenced significant shipments of our new Nautica collection of men's accessories and further enhanced our position at several major retailers, substantially increasing both private label and branded merchandise shipments to those accounts.
The Company's net income for the quarter ended June 30, 2006 was $976,000 compared to net income of $89,000 for the corresponding quarter last year. For the six-month period, the Company's net income was $1,000,000 compared to a net loss of $782,000 for the six months ended June 30, 2005.
Net sales for the quarter ending June 30, 2006 were $26,447,000, an increase of $4,422,000 or 20 percent compared to the quarter ending June 30, 2005. For the six-month period ending June 30, 2006, net sales totaled $48,614,000, an increase of $7,346,000 or 18 percent compared to the corresponding period last year.
The increase during both the quarter and six-month periods was principally due to increased shipments of the Company's jewelry and belt merchandise and a more favorable adjustment for customer returns, offset in part by increases in in-store markdown expenses. Net sales of the Company's men's jewelry merchandise increased 13 percent and 31 percent during the quarter and six-month periods ending June 30, 2006, respectively, compared to the corresponding prior year periods. These increases reflect the continued strong demand for both the Company's private label and branded jewelry collections that has been driven largely by men's fashion trends.
Belt net sales increased 29 percent and 24 percent for the quarter and six-month periods, respectively, due mainly to increases in certain private label shipments in connection with both new business opportunities and expansion of market share associated with existing programs. During the quarter, we commenced significant shipments of our new Nautica collection of men's accessories and further enhanced our position at several major retailers, substantially increasing both private label and branded merchandise shipments to those accounts.
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