US: Veltex Corp posts US$2.9m Q1 profit
Apparel importer and distributor Veltex Corporation yesterday (15 June) reported a profit of US$2.9m on sales of US$14.6m in the first quarter of 2006.
And the company said it is on track to achieve revenues of US$85m and more than US$13m in profit amid stronger sales for the remaining three quarters of 2006.
Javeed Matin, CEO of Veltex Corporation said the company continues to expand through new licensing and retail supply agreements.
"We believe that Veltex-Canada [its retail supply business] will introduce our products to a broader market, resulting in international retailers adding our merchandise in their stores both Canada and beyond."
He added that the group's new designer clothing line, being launched with a men's wear collection under the trade name VeltexWest during New York's 2007 fashion week, should lead "to new orders and greater licensing opportunities."
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