US: Talon International Q1 profit almost halves
- Q1 profit decline 93.9% to $17,000
- Sales increase 11.9% to $11.3m
- Operating expenses up 21.1%
Apparel fastener, zipper and trim supplier Talon International saw its net profit almost halve during the first quarter, due to higher costs.
Net income reached US$17,000 for the three months ending 31 March, compared to $280,000 in the same period of last year.
Sales increased 11.9% to $11.3m, driven by strong trim sales, which jumped 28.1% to $5.5m. Zipper sales, however, were virtually flat at $5.8m, reflecting softness within mass merchandise brand customers.
Operating expenses were up 21.1% to $3.6m, while general and administrative expenses rose 29.4% to $2.2m during the period.
Nonetheless CEO Lonnie Schnell said: "Once again we are pleased to see continued growth and improvement throughout our business, even during our historically slowest quarter of the year.
"We saw solid performance across our product lines, especially in Trim, as our positions with core customers continued to grow and we concentrated on adding new global brand nominations to our marquee list of customers. We ended the first quarter strongly, achieving profitability strictly from operations."
Help test our new apparel sourcing tool.
Apparel fastener, zipper and trim supplier Talon International has promoted president Larry Dyne to CEO following the resignation of long-serving Lonnie Schnell. ...
Apparel fastener, zipper and trim supplier Talon International swung to a net loss in the fourth quarter, weighed down by a double-digit decline in zipper sales. ...
- Using worker surveys to drive supply chain change
- No US rush to Myanmar despite end to sanctions
- Trump and Brexit get a dose of pragmatism
- Rana Plaza four years on – Timeline of change
- Investment continues in Ethiopia clothing sector
- Driving ban intensifies Myanmar logistics hurdles
- Amazon wins on-demand apparel manufacturing patent
- Trump bolsters "buy American" with executive order
- Inditex, Adidas and Patagonia top ethical report
- Calls for supply chain transparency standard
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Myanmar - ISA Country Report
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts