Home / Knowledge / News / Fashion / Swank's belt merchandise net sales decline during Q1
Swank's belt merchandise net sales decline during Q1
14
May '08
John Tulin, Chairman of the Board and Chief Executive Officer of SWANK INC reported net sales and operating results for the Company's first quarter ended March 31, 2008:

Net sales for the quarter ended March 31, 2008 decreased $270,000 or 1.1% to $24,718,000 compared to $24,988,000 for the same period last year. Our loss before income tax during the quarter was $660,000 and our net loss was $411,000 compared to income before tax and net income of $150,000 and $93,000, respectively, for the corresponding period last year.

Commenting on the results for the quarter, John Tulin, Chairman of the Board and Chief Executive Officer, said, "The past three months have been very challenging. Although our gross shipments of merchandise actually increased by about 2% during the quarter, a soft 2007 holiday season led to a sharp increase in in-store markdowns and other pricing adjustments in response to what was a difficult fourth quarter for many retailers.

In addition, as the economy has slowed, we have been promoting much more aggressively in an attempt to drive sales and maintain market share. With retailers scaling back orders to reduce inventories at a time when consumer spending is already being tested, we anticipate that sales and margins could be under pressure for some time. However, our Tumi collection, which we first shipped to customers during the third quarter of 2007, performed well during the quarter and we will maintain our aggressive posture as we seek to expand our share of market through the acquisition of new licenses, product categories or other opportunities."


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Robert Brunner
Devereux

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

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

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search