US: Turnaround for Tarrant as CEO quits
Tarrant Apparel Group saw strong growth in both its private label and private brands businesses in 2005, with sales up 38.1%. The company also said CEO Barry Aved is leaving his role today (31 March).
The group posted annual profits of US$1m, compared to a net loss of $104.7m in 2004. Sales were up from $155.5m to $214.6m.
Fourth-quarter net sales increased 35.4% to $49.7m, thanks to sales hikes in the company's private label and private brands business.
Gross profit for the same period more than doubled from $4.1m to $9.9m. Gross margins improved thanks an increased contribution from the higher-margin private brands business, plus improved margins from private label.
President and CEO Aved said the results signalled "a significant turnaround" for the company. "Most importantly, we saw strong sales growth and margin improvement to our private label business, as a result of increased sales to leading retailers such as Wal-Mart, Sears, Chico's, Mothers Work, and continued strength with our other existing customers."
Aved is to resign his position as CEO to concentrate on growing the American Rag Cie brand with Macy's. He will be replaced on an interim basis by Gerard Guez, chairman of Tarrant's board.
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