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Tarrant Apparel posts first quarter results

13
May '08
Tarrant Apparel Group announced financial results for the three months ended March 31, 2008. The Company reported net sales of $50.5 million in the first quarter of 2008, a 10% decrease compared to $56.1 million in the same period in 2007. Private Brands sales were $8.3 million in the 2008 first quarter, compared to $7.9 million in the first quarter of 2007. Private Label sales in the quarter were $42.2 million, as compared to $48.2 million reported in the same period last year.

Gross profit decreased by $2.3 million or 18.7% to $10.0 million in the first quarter of 2008 from $12.3 million in the first quarter of 2007. The decrease in gross profit was partially due to a decrease in sales. As a percentage of total net sales, gross profit decreased from 22.0% in the first quarter of 2007 to 19.9% in the first quarter of 2008. The decrease in gross margin in the first quarter of 2008 was caused by comparatively more discounts and allowances given to retailers as a result of a slowdown in the economy.

Selling, general and administrative expenses for the first quarter of 2008 were $9.7 million compared to $9.9 million in the 2007 first quarter. As a percentage of total net sales, selling, general and administrative expenses increased to 19.3% versus 17.7% for the same period of the prior year due to a lower level of sales. Included in selling, general and administrative expenses in the first quarter of 2008 was a charge of $848,000 resulting from liquidated damages imposed by the U.S. Customs on two of the Company's overseas vendors in April 2008. The goods were imported in 2005 and these vendors who are typically responsible for these liquidated damages are no longer operating.


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