ISRAEL: Tefron narrows Q2 loss despite sales dip
- Q2 net loss of approximately $2m
- Net loss $4.6m for the corresponding quarter last year
- Sales down 1.6%
Apparel maker Tefron has halved its second quarter loss, despite declining sales.
Tefron, whose customers include Hanesbrands, Reebok, Patagonia, Lululemon Athletica, Gap, Calvin Klein, Wal-Mart and Victoria's Secret, said Q2 sales were $24.9m as compared to $25.3m for the corresponding period last year.
The company said it cut losses by improving On Time Delivery to customers and reducing production waste, which led to increased efficiency. However, company net loss for the first half ending on 30 June widened to about $5.2m from $4.5m for the corresponding period last year, Tefron said.
Tefron CEO Amit Meridor said: "During the first quarter of the year, Tefron began implementation of its Turnaround Plan, for an immediate improvement of the operating results and returning to a momentum of growth. Tefron exceed the Turnaround plan goals set for the second quarter.
"The company demonstrated substantial operational improvements, which led to a reduction in losses and to a positive EBITDA for the quarter, as compared to a negative EBITDA of approximately $12m in 2009. While enhancing collaboration with current customers, the company has recently begun to supply to new customers and is also operating toward extending its swimwear development and production activities to the American and European markets.
"We are investing great efforts in regaining customer confidence in Tefron and our operational improvements enable us to be both efficient and competitive."
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