Home / Knowledge / News / Fashion / FGX sees very strong sales & earnings growth in 2007
FGX sees very strong sales & earnings growth in 2007
21
Feb '08
FGX International, a leading designer and marketer of non-prescription reading glasses, sunglasses and costume jewelry, announced financial results for its fourth quarter and fiscal year ended December 29, 2007.

CEO Alec Taylor stated, "We experienced very strong sales and earnings growth during the quarter excluding the effect of the year ago roll-out of major new programs to a large retailer.

This growth was primarily driven by our Foster Grant and Magnivision brands. We also had excellent gross margin improvement and we substantially reduced our debt versus the prior year."

Mr. Taylor stated, "We are pleased to report strong growth in sales and earnings for the full year of 2007. Additionally, our gross margins increased significantly year-over-year demonstrating our continued commitment to profitable growth.

These results are a clear indication of the inherent strengths of our core brands and are especially noteworthy given the current uncertain retail environment."

The Company's overall results for the full year were driven by the performance of the Company's Foster Grant and Magnivision brands, same store sales increases at most major accounts, and strong performance in Canada across all categories. These results were offset by lower jewelry sales due to the Company's decision to forgo lower margin promotional business from a major customer.

In the fourth quarter of 2007, gross margin as a percentage of net sales improved to 56.8% versus 49.9% in the comparable period for the prior year.

Capital expenditures for fiscal 2007 were $15.5 million compared to $10.9 million in the previous year. The increase was due to the Company's continued capital investment in store displays to support incremental sales volume in 2007.

Free Cash Flow, defined as EBITDA less capital expenditures, was $10.3 million during the fourth quarter of 2007 compared to $13.8 million during the same period in 2006.

For the full year of 2007, Free Cash Flow was $33.5 million compared to $30.7 million in 2006. The same factors discussed in the highlights above impacted the Company's Free Cash Flow for the fourth quarter and full year of 2007.


Must ReadView All

Indian textile & apparel exports fall 13% in Jan 2018

Textiles | On 17th Feb 2018

Indian textile & apparel exports fall 13% in Jan 2018

A decline of 13 per cent year-on-year has been observed in the...

Brazilian cotton prices move up in first fortnight

Textiles | On 17th Feb 2018

Brazilian cotton prices move up in first fortnight

Cotton prices rose in Brazil in the first fortnight of February, as...

Courtesy: OrganoClick

Textiles | On 17th Feb 2018

OrganoClick introduces OrganoTex for water repellency

OrganoClick has introduced OrganoTex, a textile impregnation product...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

February 2018

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
70.0%
No
13.0%
Skip
17.0%

Total Votes: 100

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
63.0%
No
30.0%
Skip
7.0%

Total Votes: 100

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
88.0%
No
9.0%
Skip
3.0%

Total Votes: 100

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
83.0%
No
8.0%
Skip
9.0%

Total Votes: 100


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