Swank Inc reports lower net income for Q4 2007

27 Feb '08

3 min read

This led to a decline in gross profit as a percentage of net sales for both the quarter and year relative to 2006. We recently added a senior sourcing executive to work more closely with our excellent network of global sourcing partners in an effort to improve margins, shorten lead times, and become more responsive to the rapid changes in the retail landscape. We will continue to closely monitor our progress in this area during 2008 with the goal of enhancing the efficiency of our supply chain as the requirements of our various businesses grow more diverse, complex, and rapidly changing."

Mr. Tulin continued, "We are especially pleased with the performance of our Tumi luxury merchandise collection which began shipping during the third quarter. We believe that Tumi can serve as an effective complement to our higher-margin jewelry business, which is somewhat more sensitive to changing fashion trends than other classifications. As we enter 2008, the economy and general business conditions remain uncertain and we are planning accordingly.

Our focus this year will be on improving the profitability of our existing lines while at the same time, continuing to explore new business opportunities, including additional licenses or strategic acquisitions that we believe will complement our existing businesses.

While we believe our current brand portfolio is among the strongest in the industry, we are constantly striving to bring our customers new and compelling merchandise ideas, a key strength for Swank and the source of our growth over the past few years."

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