Home / Knowledge / News / Fashion / Tandy Brands reports Q1 fiscal 2009 results

Tandy Brands reports Q1 fiscal 2009 results

11
Nov '08
Tandy Brands Accessories reported results for the first quarter of fiscal 2009.

For the first quarter of fiscal 2009 ended September 30, 2008, the company reported a net loss of $1.3 million, or $0.18 per share, on net sales of $34.6 million, versus a net loss of $1.7 million, or $0.25 per share, on net sales of $39.5 million for the quarter ended September 30, 2007. Although net sales in the quarter declined $4.9 million from the first quarter in fiscal 2008, the company was able to reduce its pretax loss by $1.8 million due in large part to reductions in selling, general and administrative expenses of $2 million.

Balance Sheet
The company's financial position remains strong. As of September 30, 2008, the company had working capital of $50.9 million. Outstanding borrowings were $15.4 million at quarter's end, and credit facility borrowing availability was $12.2 million. The company expects that cash flow from operations will enable the company to pay down the line in early calendar 2009.

Sales Growth Initiatives
During the first quarter, the company added a new ladies belt line at a major customer. Looking forward, the company continues to expand its totes(R) gifts distribution at mass merchants and department stores.

"The decline in net sales is a direct result of the current difficult retail environment as several customers continue to be very cautious in expanding inventories going into the holiday season," said J.S.B. Jenkins, chairman of Tandy Brands. "In addition, first quarter 2009 net sales were impacted by the timing of product shipments to certain customers that moved from the first quarter last year to the second quarter this year."

"We remain cautious and conservative in our approach to the market in this challenging environment," added Mr. Jenkins. "We feel that we have the financial strength and flexibility to support our customers."

New CEO and President Named
On October 1, 2008, the company announced that it had named N. Roderick (Rod) McGeachy, III, as its president and chief executive officer. Mr. McGeachy was named to the company's board of directors on October 30, 2008.

Tandy Brands Accessories Inc designs and markets fashion accessories for men, women and children.

Tandy Brands Accessories


Interviews View All

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Textile industry, Head honchos

Textile industry
Head honchos

Relaxation in FDI norms will support growth of retail sector

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Kuldeep Pareek,

Kuldeep Pareek

Italian company Schoch Reeds has been producing high-quality weaving reeds ...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

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 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search