Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Apparel/Garments / Next Inc announces Q3 earnings
Next Inc announces Q3 earnings
30
Sep '08
Next Inc announced its fiscal third quarter earnings for the three and six-month periods ended August 29, 2008. The Company will file its Form 10-Q for the quarter on or before Monday, October 13, 2008.

Net sales increased 25% to $7,323,686 for the three months ended August 29, 2008, compared to $5,858,225 for the three months ended August 31, 2007. The Company earned $212,406, or $0.01 per share for the third quarter of 2008 compared to prior year earnings of $203,408 or $0.01 per share for the same period. There were no special, one-time credits associated with either quarter's results.

For the nine months ended August 29, 2008, net sales increased to $11,981,853, compared to $11,641,458 for the nine months ended August 31, 2007. The Company's loss narrowed to $682,805, or $0.03 per share for the year-to-date of 2008 compared to the prior year's loss of $758,193, or $0.04 per share for the same period.

Mr. David Cole, the Company's CFO, stated, "The quarter's gross operating margins were down slightly this year over last year primarily due to sales mix changes which were not totally offset by improvements in manufacturing operations costs. There was also a continuing customer realignment that affected our commission expense and we incurred higher financing expenses. All of these issues were more than offset by lower general and administrative expenses during the quarter, which resulted in higher earnings.”

Cole continued, “With current customer commitments, we anticipate our inventories should begin to drop over the balance of the year and our cash position will benefit directly. We've already experienced better cash flow from operations this quarter which will help as we begin the process of refinancing our revolving line of credit. We have already commenced this process with encouraging results. We expect to announce a new revolving line of credit in the next month.”

Mr. Robert Budd, the Company's CEO, stated, “We are pleased to report a 25% increase in year over year third quarter sales along with a profitable quarter. Despite these results, we continue to believe that economic factors impacting the retail apparel segment continue to play a material role in our results.

Our focus on working towards improving our sales volumes are now beginning to yield tangible results, putting us on par with last year on a year-to-date basis. We continue to be pleased with the trend of improvements in quarter over quarter earnings arising from our diligent focus on maximizing operational efficiencies. We will continue to review new opportunities to diversify sales into new distribution channels, and improve existing ones.”

Next Inc


Must ReadView All

SABIC signs MoU with PRC province for petrochem complex

Textiles | On 26th Sep 2018

SABIC signs MoU with PRC province for petrochem complex

The Saudi Basic Industries Corporation (SABIC) recently announced the ...

Courtesy: Industree Skill Transform

Textiles | On 26th Sep 2018

Industree helps weavers enhance design capabilities

Industree Skill Transform Pvt Ltd (ISTPL) is a skill development...

Courtesy: Pexels

Textiles | On 26th Sep 2018

Rhode Textile Innovation Network to promote manufacturing

Promoting textile manufacturing in the state of Rhode Island, a...

Interviews View All

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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


October 2018

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

news category


Related Categories:

Advanced Search