Fashion accessories marketer Swank posts fall in sales
14 Nov '08
6 min read
Administrative expenses increased $998,000, or 17.6%, during the nine months ended September 30, 2008 compared to last year. The increase was mainly due to an increase in bad debt expense associated with reserves we recorded during our second quarter in connection with the bankruptcy filings of two of our department store customers as well an increase in depreciation and professional fees expense.
Our net loss for the nine months ended September 30, 2008 was $486,000, or $0.08 per fully diluted share, compared to net income for the corresponding period last year of $1,494,000, or $0.25 per fully diluted share.
Swank was founded in 1897 primarily as a manufacturer and distributor of men's and women's jewelry. Today, Swank designs, markets, and distributes a full range of fashion accessories for men including finely crafted belts and suspenders, wallets, travel kits, and other personal leather items, and of course, jewelry, including cuff links, tie tacs, tie clips, dress sets, money clips, and many other items.
Swank's high-quality merchandise collections are sold through an impressive array of designer brands and private labels. Swank's merchandise programs appeal to all segments of the buying public and most are offered in a wide variety of styles and price ranges.
Swank distributes its products through a variety of retail channels including virtually all major US department and chain stores, mass merchandisers, and others. Swank also sells its products through eight company-owned and operated factory outlet stores located in six states across the US.