US: Hampshire cuts Q3 loss on Rio Garment growth
- Q3 net loss US$1.5m, down from $1.8m
- Net sales up 8.4% to $36.3m
- Boosted by Rio Garment acquisition
Sales growth from its acquisition of Rio Garment helped apparel business Hampshire Group to cut its third quarter loss and increase sales.
Rio added $5.7m to sales in the three months to 29 September, offsetting a $3m drop in Hampshire Brands sales, caused by the wind-down of the Joe Joseph Abboud licensing agreement.
“Operating performance this quarter improved as we leveraged additional sales volume on a lower level of SG&A,” said company CEO Heath Golden.
“We are executing on plan and beginning to realise the benefits of our strategy for Rio Garment, as we develop a more robust product offering, grow its capacity and improve its operations.”
Apparel company Hampshire Group has seen its full-year losses widen amid efforts to focus on its Rio Garment business, as well as its Dockers and Panama Jack licences. ...
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