ISRAEL: Tefron narrows Q3 loss on surge in seamless sales
By Leonie Barrie | 24 November 2011
- Q3 loss narrowed to $0.5m from 3.1m
- Sales rose 67.4% to $30.1m
- 75% hike in sales of seamless apparel
Manufacturer Tefron Ltd has narrowed its third quarter loss thanks to soaring sales of its seamless intimate apparel and performance activewear lines.
The company, whose customers include Victoria's Secret, Warnaco/Calvin Klein, Wal-Mart, Gap, Hanes Brands, JC Penney, TJMaxx, Patagonia and Reebok, said its losses narrowed to $0.5m in the quarter, from a loss of $3.1m the year before.
Sales rose 67.4% to $30.1m from $18.0m, boosted by a 75% hike in sales of seamless apparel and the addition of new customers. And gross profit rose to $4.6m or 15.2% of sales, from $0.6m or 3.6% of sales last year.
"Of particular note was the steep 75% rise in sales in 'seamless' apparel in the third quarter where we have re-established ourselves as global leaders in the sector," said CEO Amit Meridor. "We also achieved significant results in bringing in new mass-market customers for the retail sector in North America."
"Among the many factors contributing to the important broadening of our customer base are the improvements over the past year in the structure of our global sales operation, the introduction this year of new products in active wear and intimate apparel, and the development of new sales channels, including Home Shop Networking on TV channels and websites on the Internet," added chairman Arnon Tiberg.
Sectors: Apparel, Finance, Manufacturing
Companies: Tefron, Victoria’s Secret, Warnaco, Calvin Klein, Wal-Mart, JC Penney, Patagonia, Reebok
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