USA: Tropical Sportswear Q2 Income Jumps To $4m
The Florida-based company, which owns brands including Royal Palm and Banana Joe, also reported a boost in second quarter operating income to $7.9m, up from $2.8m in the previous second quarter.
Net sales, however, dropped to $93.8m for the quarter, down from $112.7m in the same period a year ago.
"We are beginning to see the benefits of our cost cutting efforts as our operating expenses continue to drop," CEO Michael Kagan said of the largely improved second quarter results.
"The transfer of our Tampa, Florida cutting operations to contractors in the Dominican Republic and Honduras has been successfully completed."
Kagan added that the company was funding its continued turnaround effort through better asset management and inventory reduction.
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