USA: Candie's Swings To Q2 Loss On Licensing Switch
It reported a net loss $3.8 million, or 15 cents a share, for the quarter ended July 31, compared with net income of $3.3m, or 12 cents a share, last year.
Candie's added excluding $2.5m of special charges related to the axing of the footwear operations and to interest expense, the loss for the latest 13 week period was $487,000, or two cents a share.
Second quarter revenues fell 15.1 per cent to $42.1m from $49.6m last year with revenue from its footwear segment falling to $16.6m from $28.4m in the year-ago period.
But licensing income climbed to $1.8m from $1.3m and revenue from Unzipped Apparel LLC, which it acquired in May 2002, rose to $23.6m from $19.8m last year.
President and CEO, Neil Cole, said: "The transition to our new licensing model is on plan and will be completed by the end of the year. We have two powerful lifestyle brands both of which are continuing to gain recognition in the marketplace.
"We are confident that our strategic decision to transition to the new licensing structure will result in increased profitability and shareholder value in the future."
He added the firm will continue to operate its Bongo jeans wear division and Bright Star Footwear, Inc, also a wholly-owned subsidiary, which sells casual men's boots on a direct basis.
Each year the Goldmine Garment Company Ltd produces seven million formal and casual shirts and blouses, 12,000 samples, and turns over US$36 million per year (FOB). Employing around 2,300 people it is...
Upmarket goods company Kenneth Cole Productions has reported an 11 per cent tumble in third-quarter profit, hit by a revenue fall plus bigger expenses....
Shoe company Steven Madden Ltd says third-quarter profit is likely to exceed forecasts on better-than-anticipated sales in both wholesale and retail as well as gross margin growth....
US retail group Candie's Inc has revealed that it will change its corporate name to Iconix Brand Group Inc on 1 July, and will trade on the NASDAQ stock exchange under the ticker symbol ICON....
Footwear group Steven Madden Ltd has named Awadhesh Sinha chief operating officer as of 1 July....
Apparel companies Kenneth Cole Productions Inc and Bernard Chaus Inc have signed a licensing agreement for Chaus to manufacture and sell women's sportswear under the Kenneth Cole Reaction label....
Steven Douglass, chairman and chief executive officer of family footwear retailer Payless ShoeSource Inc, leaving the company with Matthew Rubel due to take over his responsibilities as CEO....
Apparel group Phillips-Van Heusen Corporation's first-quarter net income has beaten expectations mainly due to higher revenue within wholesale dress shirt and sportswear businesses....
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- US apparel retailers' November 2016 sales roundup
- Why do modern robotics elude sportswear makers?
- Software for financial planning and operations
- Esquel efficiency drive continues to boost brands
- US Q3 in brief – Oxford Industries, Genesco
- Myanmar garment industry "lacking labour rights"
- Columbia waterproof jacket first made without PFCs
- Adidas NYC flagship raises the bar on sport stores