Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / FGX sees very strong sales & earnings growth in 2007
FGX sees very strong sales & earnings growth in 2007
21
Feb '08
FGX International, a leading designer and marketer of non-prescription reading glasses, sunglasses and costume jewelry, announced financial results for its fourth quarter and fiscal year ended December 29, 2007.

CEO Alec Taylor stated, "We experienced very strong sales and earnings growth during the quarter excluding the effect of the year ago roll-out of major new programs to a large retailer.

This growth was primarily driven by our Foster Grant and Magnivision brands. We also had excellent gross margin improvement and we substantially reduced our debt versus the prior year."

Mr. Taylor stated, "We are pleased to report strong growth in sales and earnings for the full year of 2007. Additionally, our gross margins increased significantly year-over-year demonstrating our continued commitment to profitable growth.

These results are a clear indication of the inherent strengths of our core brands and are especially noteworthy given the current uncertain retail environment."

The Company's overall results for the full year were driven by the performance of the Company's Foster Grant and Magnivision brands, same store sales increases at most major accounts, and strong performance in Canada across all categories. These results were offset by lower jewelry sales due to the Company's decision to forgo lower margin promotional business from a major customer.

In the fourth quarter of 2007, gross margin as a percentage of net sales improved to 56.8% versus 49.9% in the comparable period for the prior year.

Capital expenditures for fiscal 2007 were $15.5 million compared to $10.9 million in the previous year. The increase was due to the Company's continued capital investment in store displays to support incremental sales volume in 2007.

Free Cash Flow, defined as EBITDA less capital expenditures, was $10.3 million during the fourth quarter of 2007 compared to $13.8 million during the same period in 2006.

For the full year of 2007, Free Cash Flow was $33.5 million compared to $30.7 million in 2006. The same factors discussed in the highlights above impacted the Company's Free Cash Flow for the fourth quarter and full year of 2007.


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Indonesian textile industry targets exports of $14 bn

Apparel/Garments | On 25th Sep 2018

Indonesian textile industry targets exports of $14 bn

With a January-July 2018 exports figure of $7.74 billion, the...

Interviews View All

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

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