Panglobal Brands Inc will record its best quarterly sales revenue in the history of the Company, growing 85% over March 31, 2008.
Sales revenue for the three months ended June 30, 2008 totaled $5,500,000 versus sales revenue of $ 2,963,000 for the three months ended March 31, 2008.
Year to date sales revenue for the nine months ended June 30, 2008 totaled $8,584,000 versus $382,000 for the nine months ended June 30, 2007.
Panglobal Brands Inc currently has sales orders totaling $9,100,000, for deliveries to retail stores in its order backlog.
Scrapbook accounts for $3,400,000 of that total and SoSik and our contemporary divisions account for the balance of $5,700,000. Most of the order backlog is intended to be shipped during the four months to October 31st.
Our strategy has been to build a series of apparel brands, consisting of mainly women's apparel, and to build brand recognition by marketing our products to fashion conscious consumers who shop in boutiques and department stores and who want to wear and be seen in the latest and most fashionable clothing and accessories.
Our SoSik junior business has been our biggest seller this year and has recorded sales of over $4,000,000 for the quarter ended June 30, 2008 while building some major customer relationships including Charlotte Russe, Buckle and Forever 21.
Under the SoSik label, we design and market junior denim, t-shirts, dresses and sportswear. Our success in the juniors' business has reflected our ability to continually keep the products new, fresh and part of what is in fashion.
Panglobal Brands acquired the Scrapbook label in June and Scrapbook sales contributed approximately $1,100,000 toward the revenue increase for the quarter ended June 30, 2008.
The Scrapbook label is aimed at junior (teen and early 20's) contemporary markets and is known for its mix and match prints and comfortable knit fabrics.
Key customers for the quarter ended June 30, 2008 included Nordstrom, Delia's, and Top Shop (United Kingdom). Scrapbook products can be found at better department stores and boutiques.
Our contemporary divisions consisting of Hauteur Mynk denim, Nela and Haven dresses and Tea and Honey sportswear mostly started shipping recently and our sales-to date and open orders should contribute $2,400,000 in sales revenue for 2008.
The Nela and Haven labels design, merchandise and sell women's better dresses using Italian prints and related fabrics.
Tea and Honey designs, merchandises and sells women's mid-priced contemporary dresses. Tea and Honey is a more casual look for women with a vintage feel.
“We are very pleased with our performance during the last three months and with the build-up of open orders for future shipments.
Our products are gaining tremendous acceptance within the channels which we sell. With the addition of Scrapbook, we now have two brands in the junior market, which provides huge opportunities to cross-sell into multiple distribution channels.
Our diverse stable of brands has allowed us to achieve tremendous growth over our previous quarters and gives us the confidence that we will be able to continue to grow and meet our objectives,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.