ISRAEL: Tefron swings to Q4 profit
- Q4 profit reaches $300,000
- Q4 sales surge 82%
- FY net loss of $4.3m
- FY sales increase 37.6%
Seamless apparel specialist Tefron has today (30 March) posted a profit in its fourth-quarter, on the back of increased sales.
Operating profit reached $250,000, compared to an operating loss of $13.9m last year, while sales surged 82% to $31.5m.
Tefron CEO Amit Meridor said: "The results of the fourth quarter continue the trend of the substantial change which took place in the company since the beginning of 2010 and we are proud of the substantial changes in the companies gross profit and the net profit."
"Tefron is investing a great deal in the development of new technologies in order to place it as a world leader in the seamless field for several years to come," Meridor added.
For the full-year, Tefron recorded a net loss of $4.3m, compared to a $22.7m loss the year before.
Operating loss was reduced by 85% to $3.5m. The company said the main reasons for this was the "application of the turnaround program, the increase in sales, inter alia as a result of the Nouvelle deal, a decrease in depreciation expenses, and a reduction in administrative and general expenses".
Sales increased 37.6% to reach $118.4m. During the reporting period the company said it significantly expanded its activity among customers in North America.
During the year, Tefron said it invested in new technologies, in the promotion of the strategic merger with Italian textile maker Cifra and focussed resources to reinforce its status among its main customers.
Despite the increasing number of roll-outs of RFID item-level tagging by retail giants such as Walmart, JCPenney, Marks & Spencer and supply chain giant Li & Fung, the price of RFID inlays (the electr...
Labels - be they hangtags with mobile barcodes, labels directly printed onto a garment, or RFID technologies - now represent a fundamental piece of the production process that can be leveraged to save...
Moves last week by the Indian government to open the country's multi-brand retail sector to foreign investment have been hailed as everything from a "historic decision" to a "big bang" reform. But obs...
Adidas has made dramatic cuts to the long-term revenue targets for its Reebok brand, which has been impacted by lost business in the US and fraud allegations in India....
A sourcing deal inked more than two years ago between Li & Fung and Wal-Mart Stores has been replaced by a new agreement that allows the global supply chain manager to offer a range of new services to...
The Indian government has again opened the door to foreign investment in the country's retail sector - but states will have the final say on whether multi-brand outlets backed by overseas capital can ...
Reebok, which is owned by sporting goods giant Adidas, has removed the position of global president, moving Ulrich Becker to president of the brand's North American business....
- New American Apparel CEO sees solid platform
- George at Asda on responsible retail journey
- Outlook 2015: What's happening with sourcing?
- Outlook 2015: Challenges and opportunities
- Outlook 2015: What keeps you awake at night?
- EU exploring responsible garment supply chains
- Tommy Hilfiger digital showroom to reduce samples
- Fashion brands facing strong dollar “headwind”
- Adidas sells Rockport for $280m to focus on sports
- Adidas and Timberland commit to responsible down
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- E-Textiles: Electronic Textiles 2014-2024
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead