USA: Tandy Brands Doubles Quarterly Profit, Sales Solid
The Texas-based company reported net profit of $663,000, or 11 cents per share, compared with $332,000, or five cents per share, in the year-ago period.
It added net sales rose to $51.2 million from $44.4m and declared its first ever quarterly dividend.
President and CEO, J S B Jenkins, said: "We are extremely pleased with our superior performance during the fourth quarter and the fiscal year 2003 considering the tough retail climate.
"Our fourth quarter earnings per share came in 22 per cent above the high end of our guidance due to strong sales performances in both our men's and women's businesses.
"In addition, this year's women's fashion accessory trends have been very strong which increased our sales both in mass merchant accessories as well as our branded women's handbags, belts and personal leather goods."
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