Home / Knowledge / News / Fashion / Increase in men's belt shipments at Swank
Increase in men's belt shipments at Swank
03
Mar '10
John Tulin, Chairman of the Board and Chief Executive Officer of SWANK INC reported financial results for the Company's fourth quarter and twelve months ended December 31, 2009. Net income for the fourth quarter ended December 31, 2009 was $1,266,000 or $.22 per diluted share compared to net income of $2,576,000 or $.44 per diluted share for the corresponding quarter in 2008.

For the twelve-month period ended December 31, 2009, net income was $1,778,000 or $.31per diluted share compared to $2,090,000 or $.35 per diluted share last year. Net sales for the quarter increased 2.5% to $35,687,000 and, for the twelve-month period, increased .7% to $114,798,000, in both cases as compared to the corresponding periods in 2008.

Net income for both the quarter and twelve-month periods in 2008 reflect a $2,000,000 gain recorded during last year's fourth quarter associated with the settlement of a coverage dispute with one of the Company's insurance companies.

Excluding last year's insurance settlement, income before taxes for the quarter ended December 31, 2009 was $2,784,000 compared to $2,245,000 for the comparable prior year, and for the year ended December 31, 2009 income before taxes was $3,633,000 compared to $1,466,000 for the year ended December 31, 2008.

Income before taxes for the quarter ended December 31, 2008 including the insurance settlement was $4,245,000 and for the twelve months ended December 31, 2008 including the effects of the settlement was $3,466,000.

Commenting on the results for the quarter and twelve-month periods, Mr. Tulin said, "We are very pleased with our results this year. It is important to note that our income before taxes more than doubled to $3,633,000 in 2009 compared to $1,466,000 in 2008 excluding last year's insurance settlement."

"Despite the challenges of a very difficult economy, our net sales increased for both the quarter and year with corresponding increases in our income before taxes for the twelve-month period as well as for the quarter, exclusive of the insurance settlement. We ended fiscal 2009 with a very strong balance sheet and no borrowings under our revolving credit facility. We believe that we are well positioned to take advantage of the opportunities presented by an anticipated strengthening of the US economy later this year."

Net income for the fourth quarter ended December 31, 2009 was $1,266,000 or $.22 per diluted share compared to net income of $2,576,000 or $.44 per diluted share for the corresponding quarter in 2008. Income before taxes for the fourth quarter was $2,784,000 compared to $4,245,000 for the same period in 2008 or $2,245,000 exclusive of the insurance settlement. The decrease in net income during the quarter was also due to a higher effective tax rate in 2009 compared to the fourth quarter of 2008.

Net sales during the quarter increased 2.5% to $35,687,000 compared to $34,809,000 for the corresponding period in 2008. The increase during the quarter was principally due to higher gross shipments of our men's belt merchandise offset in part by an increase in allowances for anticipated customer returns. The increase in men's belt shipments during the quarter was mostly due to sales of certain private brand merchandise to major chain store accounts.


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Top executives
Textile industry

The foremost issue is bridging the skill gap

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Hardik Sanghvi

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

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 ...

Giorgio Mantovani
Corman S.p.A

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

Steve Cole
Xerium Technologies

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

Ashok Desai
Bombay Textile Research Association

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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...

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