Home / Knowledge / News / Fashion / Swank's belt merchandise net sales decline during Q1

Swank's belt merchandise net sales decline during Q1

May '08
John Tulin, Chairman of the Board and Chief Executive Officer of SWANK INC reported net sales and operating results for the Company's first quarter ended March 31, 2008:

Net sales for the quarter ended March 31, 2008 decreased $270,000 or 1.1% to $24,718,000 compared to $24,988,000 for the same period last year. Our loss before income tax during the quarter was $660,000 and our net loss was $411,000 compared to income before tax and net income of $150,000 and $93,000, respectively, for the corresponding period last year.

Commenting on the results for the quarter, John Tulin, Chairman of the Board and Chief Executive Officer, said, "The past three months have been very challenging. Although our gross shipments of merchandise actually increased by about 2% during the quarter, a soft 2007 holiday season led to a sharp increase in in-store markdowns and other pricing adjustments in response to what was a difficult fourth quarter for many retailers.

In addition, as the economy has slowed, we have been promoting much more aggressively in an attempt to drive sales and maintain market share. With retailers scaling back orders to reduce inventories at a time when consumer spending is already being tested, we anticipate that sales and margins could be under pressure for some time. However, our Tumi collection, which we first shipped to customers during the third quarter of 2007, performed well during the quarter and we will maintain our aggressive posture as we seek to expand our share of market through the acquisition of new licenses, product categories or other opportunities."

Must ReadView All

Pic: Shutterstock

Textiles | On 20th Jan 2022

Chinese central bank cuts rates on medium-term loans, reverse repos

The People's Bank of China recently cut interest rates of its...

Pic: Shutterstock

Retail | On 20th Jan 2022

Clothing retail sales in US grew 33.1% during holiday season: NRF

Retail sales during 2021’s November-December holiday season grew 14.1 ...

Pic: Shutterstock

Textiles | On 20th Jan 2022

ILO downgrades labour market recovery forecast for 2022

Geneva-based International Labour Organisation (ILO) has downgraded...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Switch was not 100% pandemic related

Andrea Pelissero,

Andrea Pelissero

Located near Milan, Italy, and with 50 years of experience in the textile...

Mohammad Ali Khokon,

Mohammad Ali Khokon

<div>The Bangladesh Textile Mills Association (BTMA) is the national trade ...

K Madhavan,

K Madhavan

Established in 2005 by P Manjunath, Peps is India's largest inner spring...

Dr. Sean Blamires, Evolution and Ecology Research Centre

Dr. Sean Blamires
Evolution and Ecology Research Centre

Using spider silk for clothing may not seem to be an attractive...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit

The Indian Technical Textile Association (ITTA) is the only association of ...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Sujata & Taniya Biswas, Suta

Sujata & Taniya Biswas

Founded by <b>Sujata and Taniya Biswas</b>, Suta is a humble brand which...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments


Esprit Europe Services GmbH
MAS Active / MAS Kreeda / MAS Bodyline
H;&M Hennes ;& Mauritz (Far East) Ltd
Bluestem Global Sourcing Limited
PVH Corporation
Tommy Hilfiger
Brandix Lanka Limited
Maceton Limited
T.T. Limited
Landmark Group
Varner AS Retail
Reiter India Private Limited
Cat Tuong Real Estate Group Joint Stock Company
NITI Aayog
Boardriders Asia Sourcing Limited
Helly Hansen Far East Ltd
Truetzschler India Private Limited
Phong Phu international JSC (PPJ)
Sportswear Company Spa
Hirdaramani International Export Private Limited
Lenzing Aktiengesellschaft
OVS Hong Kong Sourcing Ltd.
Guess Europe Sagl,
John Varvatos
Seasalt Limited
Alison Hayes Romania
Groz-Beckert East Asia LLP
Gloria Jeans
Aquarelle Clothing Limited
Aramark Uniform ;& Career Apparel, LLC
Eastman Chemical Company
Sateri (Jiujiang) Fiber Co.,Ltd
Grasim Industries Limited
IKEA of Sweden AB
Lisa S.P.A.
Gokaldas Exports Limited
LC Waikiki
Huntsman (Singapore) Pte Ltd
Midas Clothing Limited
Amazon China
Alix Partners
Vardhman Textile Ltd
Under Armour Global Sourcing Ltd
J ;& P Coats
Chico’ FAS
Vianney Textil Hogar S.A. De C.V.
Target Corporation (MN)
SHAHI Exports Pvt Ltd
Chori Company Limited
Rayonese Textile Inc., Division de Culp Inc.
Tchibo GmbH
Restoque S.A.
Sainsbury's Argos Asia Limited
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
IDH – The Sustainable Trade Initiative
Desigual - ABASIC, S.A.
Arvind Limited
The LYCRA Company Singapore  Pte. Ltd
Page Industries Limited (Bangalore)
Lacoste (Wanchai)
G-Star Raw C.V.
C;&A Sourcing International Ltd
Rosset ;& Cia Limited
Tory Burch Hong Kong Ltd
International Textile Manufacturers Federation
Hela Clothing Pvt Ltd
Calvin Klein
Sportmaster Ltd.
Green Fibre
Benetton Group
Gatsby Africa
Etam Group Strategy Hong Kong Limited
The Top Form Brassiere Manufacturing Company Limited
KAS Direct Sourcing

January 2022

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

Advanced Search