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News Flash
Sportswear retailer Next's sales grows 24% in 2005
27 Feb '06
2 min read
Next Inc, an emerging leader in the sportswear and promotional products industry has announced results for the fiscal fourth quarter and year ending November 30th 2005.
The sales for the quarter increased 13.9 percent to $8.8 million from $7.7 million in the same period last year. Operating loss for the quarter was $943,000 compared to operating income of $407,000 in the prior year.
Gross operating margins were lower due to the company's inability to import garments from China due to an embargo, coupled with a large customer order that compressed margins and the private label business. Pre-tax loss was $1.2 million compared to a profit of $243,000 in the prior year.
Sales for the year increased 24 percent to $26.7 million from $21.5 million in the same period last year. Gross profit was $6 million compared to $6.6 million in the prior year which reflects the inventory write off of $704,000, higher domestic purchasing cost as a result of the Chinese embargo, and a large order from a major retailer which decreased operating margins.
Charles Thompson, the company's CFO said, "It was an unusually frustrating year prompted by a number of variables that fortunately are correctable. The entire management team shares in this disappointment and has resolved the commitment to rebuild the infrastructure and drive 2006 to profitability.”
Robert Budd, the company's recently appointed CEO stated, "I quickly found that the Next business was very compelling. The company's capabilities create a unique opportunity for us to fill a niche that our markets require. We quickly began right sizing the operations to match the business model, began diversifying our global purchasing opportunities, and established a common focus on providing exceptional customer service while driving costs down and bottom line profits up.”
Next Inc is a creative and innovative sales and marketing organization that designs, develops, markets and distributes licensed and branded promotional products and imprinted sportswear primarily through major college and university, motor sports and other major promotional key licensing agreements and the company's own proprietary brands.
The sales for the quarter increased 13.9 percent to $8.8 million from $7.7 million in the same period last year. Operating loss for the quarter was $943,000 compared to operating income of $407,000 in the prior year.
Gross operating margins were lower due to the company's inability to import garments from China due to an embargo, coupled with a large customer order that compressed margins and the private label business. Pre-tax loss was $1.2 million compared to a profit of $243,000 in the prior year.
Sales for the year increased 24 percent to $26.7 million from $21.5 million in the same period last year. Gross profit was $6 million compared to $6.6 million in the prior year which reflects the inventory write off of $704,000, higher domestic purchasing cost as a result of the Chinese embargo, and a large order from a major retailer which decreased operating margins.
Charles Thompson, the company's CFO said, "It was an unusually frustrating year prompted by a number of variables that fortunately are correctable. The entire management team shares in this disappointment and has resolved the commitment to rebuild the infrastructure and drive 2006 to profitability.”
Robert Budd, the company's recently appointed CEO stated, "I quickly found that the Next business was very compelling. The company's capabilities create a unique opportunity for us to fill a niche that our markets require. We quickly began right sizing the operations to match the business model, began diversifying our global purchasing opportunities, and established a common focus on providing exceptional customer service while driving costs down and bottom line profits up.”
Next Inc is a creative and innovative sales and marketing organization that designs, develops, markets and distributes licensed and branded promotional products and imprinted sportswear primarily through major college and university, motor sports and other major promotional key licensing agreements and the company's own proprietary brands.
Next Inc
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