USA: Innovo Group Swings To Profit As Sales Rocket
Apparel firm Innovo Group Inc on Monday revealed it swung to a fourth quarter and full year profit as it was boosted by soaring sales and strong growth across all of its subsidiaries.
The California-based company reported a net profit of $41,000 for the quarter compared with a net loss of $540,000 in the year prior. For the full year, it posted net income of $572,000 versus a net loss of $618,000 in 2001.
Net sales for the quarter rocketed 167 per cent to $9.4 million from $3.5m while 2002 net sales surged 219 per cent to $29.6m from $9.3m in the year-ago period.
Over the past year, the company's units have entered several new global markets which boosted brand awareness and sales and agreed licensing deals with music stars such as Lil Bow Wow and Eve.
"These record-setting results are an important milestone for the company and its future development," said Innovo Group CEO, Jay Furrow, in a news release.
"All three of our key operating subsidiaries, Innovo Inc, Joe's Jeans Inc and Innovo Azteca Apparel Inc, were major contributors in generating these results. The goals we have set for the company are high and numerous, but returning the company to profitability was the first."
He added: "We believe that positive results for 2002 are largely attributable to the company's diversified operating model that allows us to offer a wide range of products to multiple distribution channels.
"We are focused on continuing the expansion our product mix, our distribution channels and our customer base and we believe that this diversified operating strategy will give the company the opportunity to continue to reach its goals going forward."
Companies: Joe’s Jeans Inc
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