News Flash

Tarrant Apparel Group declares Q2 fiscal results

05 Aug '05

5 min read

Net income for the quarter ended June 30, 2005 was $0.9 million, or $0.03 per diluted share. Net loss for the second quarter of fiscal 2004 was $68.6 million, or $2.39 per diluted share, which included a $78.0 million charge related to the impairment of certain of the Company's Mexico assets.

Barry Aved, President and CEO of Tarrant Apparel Group, commented, "They are pleased with the progress they made in the second quarter. They continue to work aggressively to grow their Private Brands division, and made their first shipments of JS by Jessica Simpson late in June. In addition, they remain focused on improving their position as a value-added supplier of Private Label apparel through their design leadership and expansion of their product mix beyond casual bottoms. They are using Private Brands as a product development and marketing model for new Private Label initiatives and have placed tests with several high volume retailers during the quarter. Further, they successfully improved their margins while continuing to appropriately invest in their brands."

Six Month Results

Net sales increased 18 percent to $95.4 million in the first six months of 2005 compared to $80.6 million in the same period last year. Net income for the six-month period was $0.8 million, or $0.03 per diluted share. Net loss for the first six months of fiscal 2004 was $71.5 million, or $2.50 per diluted share, which included the aforementioned $78.0 million charge related to the impairment of certain of the Company's Mexico assets.

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