Home / Knowledge / News / Fashion / Tandy Brands reports Q1 fiscal 2009 results
Tandy Brands reports Q1 fiscal 2009 results
11
Nov '08
Tandy Brands Accessories reported results for the first quarter of fiscal 2009.

For the first quarter of fiscal 2009 ended September 30, 2008, the company reported a net loss of $1.3 million, or $0.18 per share, on net sales of $34.6 million, versus a net loss of $1.7 million, or $0.25 per share, on net sales of $39.5 million for the quarter ended September 30, 2007. Although net sales in the quarter declined $4.9 million from the first quarter in fiscal 2008, the company was able to reduce its pretax loss by $1.8 million due in large part to reductions in selling, general and administrative expenses of $2 million.

Balance Sheet
The company's financial position remains strong. As of September 30, 2008, the company had working capital of $50.9 million. Outstanding borrowings were $15.4 million at quarter's end, and credit facility borrowing availability was $12.2 million. The company expects that cash flow from operations will enable the company to pay down the line in early calendar 2009.

Sales Growth Initiatives
During the first quarter, the company added a new ladies belt line at a major customer. Looking forward, the company continues to expand its totes(R) gifts distribution at mass merchants and department stores.

"The decline in net sales is a direct result of the current difficult retail environment as several customers continue to be very cautious in expanding inventories going into the holiday season," said J.S.B. Jenkins, chairman of Tandy Brands. "In addition, first quarter 2009 net sales were impacted by the timing of product shipments to certain customers that moved from the first quarter last year to the second quarter this year."

"We remain cautious and conservative in our approach to the market in this challenging environment," added Mr. Jenkins. "We feel that we have the financial strength and flexibility to support our customers."

New CEO and President Named
On October 1, 2008, the company announced that it had named N. Roderick (Rod) McGeachy, III, as its president and chief executive officer. Mr. McGeachy was named to the company's board of directors on October 30, 2008.

Tandy Brands Accessories Inc designs and markets fashion accessories for men, women and children.

Tandy Brands Accessories


Must ReadView All

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 22nd Feb 2018

Final version of CPTPP pact released; to be signed in March

The final version of the Comprehensive and Progressive Agreement for...

Amazon India crosses 3 lakh seller base in less than 5 yrs

Apparel/Garments | On 22nd Feb 2018

Amazon India crosses 3 lakh seller base in less than 5 yrs

Amazon recently claimed to have crossed the three-lakh seller base in ...

Indian e-retail market may see 250% growth in 3 yrs: Crisil

Apparel/Garments | On 22nd Feb 2018

Indian e-retail market may see 250% growth in 3 yrs: Crisil

India’s e-retail market may rise by 250 per cent in the next three...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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