USA: IC Isaacs Equals Year-On-Year Q3 Profit Loss
Jeanswear and sportswear marketer IC Isaacs & Company Inc has suffered a net loss of $500,000 for the third quarter, equal to that experienced in the same period of 2002.
The New York- and Baltimore-based company also saw gross profit decline slightly to $6 million for the period, down from $6.2m year-on-year.
However, cutting of operating expenses by 12.1 per cent to $5.8m, compared to $6.6m a year earlier, offset this decline.
"In the third quarter of 2003, the company continued to make progress in its ongoing efforts to reduce operating expenses and to restore the profit margins to expected levels," chairman Staffan Ahrenberg said.
"The Girbaud brand continues to be well received in the market and the company successfully continues to implement its plan to be more efficient in delivering its product to the marketplace."
The Marithe & Francois Girbaud men's and women's clothing range is available throughout the United States and Puerto Rico.
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