US: My Vintage Baby narrows FY loss
Children's apparel company My Vintage Baby has narrowed its full-year loss by 23%, despite lower sales.
Losses fell from $775,207 to $594,585, the company said, while gross sales revenue was down 18% to US$1.2m.
Related gross margins, not including returns, allowances and discounts, increased from $538,152 to $554,389 for the same period, including a gross margin percent increase from clothing and accessories of 37% to 46.5% year over year.
The increase increased margin was mainly due to the company's focus on moving production overseas rather than producing domestically, a statement said.
Operating and overhead expenses decreased 13% from $1.2m to $1m for the 12-month period.
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My Vintage Baby has decided to move its fabric production to the same factory in China that manufactures its children's wear garments....
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