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."
Apparel giant Hanesbrands returned to profit in its fourth quarter, helped by its strongest revenue gains of the year....
Leading Vietnamese fibre manufacturer Century Synthetic Fiber Corporation has opened its second fibre plant at the Trang Bom Industrial zone in the northern province of Tay Ninh....
Naturally Advanced Technologies (NAT) has joined forces with apparel group Hanesbrands and the US Department of Agriculture to conduct research into new strains of flax....
US-based sportswear firm Reebok has named the Tribal DDB New York office as its digital agency of record (DAOR) on a global basis. ...
The UK's Advertising Standards Authority (ASA) has banned a Reebok magazine and TV advert, following claims they were misleading. ...
T-shirt and underwear maker Hanesbrands Inc has had its global social compliance programme accredited by the Fair Labor Association (FLA)....
- M&S to launch supply chain human rights policy
- VF pushes ahead on chemicals management
- M&S project benefits garment worker health
- Can the Gap brand reclaim its iconic status?
- Key pieces of US trade agenda signed into law
- C&A to add "accurate fit" label to garments
- China cotton stockpile auction may shake up market
- US retail landscape "mediocre" over next 5 years
- Over 8,000 children in Delhi garment industry
- WEBINAR: Compliance: Why has it failed?