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Increase in men's belt shipments at Swank
03 Mar '10
4 min read
Net sales for our men's personal leather goods declined during the quarter as an increase in department and chain store net sales was offset by decreases at certain labels for less and international accounts. The increase in returns allowances was primarily due to anticipated customer returns associated with certain product transitions planned for the spring 2010 selling season.
Gross profit for the quarter ended December 31, 2009 increased $1,198,000 or 11.0% and, as a percentage of net sales, increased to 33.9% compared to 31.4%, in both cases as compared to the same period last year. The increase in gross profit during the quarter was mainly due to an increase in net sales as well as reductions in certain inventory-related expenses, including merchandise markdowns associated with out of line inventory and product royalty expense.
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Gross profit for the quarter ended December 31, 2009 increased $1,198,000 or 11.0% and, as a percentage of net sales, increased to 33.9% compared to 31.4%, in both cases as compared to the same period last year. The increase in gross profit during the quarter was mainly due to an increase in net sales as well as reductions in certain inventory-related expenses, including merchandise markdowns associated with out of line inventory and product royalty expense.
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SWANK INC
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