USA: Tropical Posts Q4 Profit Fall, CEO Quits
Casual apparel maker Tropical Sportswear International Corp on Monday posted a sharp fall in fourth quarter net income and said chairman and CEO William Compton is to quit on health grounds. The Florida-based company, whose brands include Savane, Farah and Bay to Bay, reported net income of $1.3 million, or 12 cents per share, compared with net income of $2.2m, or 27 cents a share, in the year-ago period. Net sales increased nine per cent to $117m from $107m.
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