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Sportswear brand Algo announces Q1 sales results
16 Jun '07
2 min read
Algo Group Inc announced results for its first quarter ended March 31, 2007.
Sales from continuing operations for the three months amounted to $6.2 million compared with $7.9 million in 2006, a decrease of $1.7 million.
The decrease relates primarily to the ladies fashion and the sportswear divisions. The sales results from home furnishings remain consistent with last year.
The net loss during the first quarter of 2007 was $1.1 million ($0.01 per share) which amount approximated the loss in the same quarter during 2006. The current net loss from continuing operations, however, was higher than last year at $1.2 million ($0.01 per share) versus $0.6 million ($0.01 per share) in 2006.
The loss from discontinued operations was lower than in 2006 when the loss was $570,000 on sales of $4.7 million compared to a small profit of $49,000 on nominal sales in 2007.
Algo designs and imports a wide selection of ladies' fashion apparel, as well as men's, boy's and children's sportswear which it markets principally to retail outlets in Canada and the United States.
The Company also designs and imports home furnishings which are distributed to retail stores in Canada and the United States.
The Company previously designed and imported fashion fabrics which it marketed to apparel manufacturers and retailers in Canada and the United States. During the 2006 fiscal year, the Company discontinued its fashion fabrics business unit.
The Company diversifies its sales by participating in various segments of the apparel and home furnishings industry. This diversification is intended to protect Algo from being excessively dependent, from year to year, upon any one of its business units for contribution to the Company's total earnings.
Sales from continuing operations for the three months amounted to $6.2 million compared with $7.9 million in 2006, a decrease of $1.7 million.
The decrease relates primarily to the ladies fashion and the sportswear divisions. The sales results from home furnishings remain consistent with last year.
The net loss during the first quarter of 2007 was $1.1 million ($0.01 per share) which amount approximated the loss in the same quarter during 2006. The current net loss from continuing operations, however, was higher than last year at $1.2 million ($0.01 per share) versus $0.6 million ($0.01 per share) in 2006.
The loss from discontinued operations was lower than in 2006 when the loss was $570,000 on sales of $4.7 million compared to a small profit of $49,000 on nominal sales in 2007.
Algo designs and imports a wide selection of ladies' fashion apparel, as well as men's, boy's and children's sportswear which it markets principally to retail outlets in Canada and the United States.
The Company also designs and imports home furnishings which are distributed to retail stores in Canada and the United States.
The Company previously designed and imported fashion fabrics which it marketed to apparel manufacturers and retailers in Canada and the United States. During the 2006 fiscal year, the Company discontinued its fashion fabrics business unit.
The Company diversifies its sales by participating in various segments of the apparel and home furnishings industry. This diversification is intended to protect Algo from being excessively dependent, from year to year, upon any one of its business units for contribution to the Company's total earnings.
Algo Group Inc
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