• Full-year losses widened to $11.7m
  • Sales increased 36.5% to $117.6m

Apparel company Hampshire Group has seen its full-year losses widen amid efforts to focus on its Rio Garment business, as well as its Dockers and Panama Jack licences.

Net losses reached US$11.7m for the year ending 31 December, compared to a $10m loss the same period the year before.

Sales, however, increased by 36.5% to $117.6m from $86.1m the prior year due to the inclusion of results from its Rio Garment division.

Over the quarter, net losses narrowed to $1.5m, compared to a loss of $6.3m last year. Sales declined 11.4% to $40.5m from $45.7m because of lower sales at its Rio garment business and the wind down of its two legacy licenses.

Recently appointed CEO Paul Buxbaum said: "Prior management began the transition of our business. Throughout 2012, we completed the wind down of two legacy licenses and focused our resources towards the Dockers and Panama Jack licenses as well as our Rio Garment business. As a result of this transition, we operate a very different business today than we have in recent years, and must organise accordingly.

"In 2013, we will focus our efforts on reorganising internal operations to more efficiently support our current business and create a stable operating platform to best enable future growth. As a result of this re-engineering, the company is not able to provide details about future performance to shareholders at this time.

"Moving forward, while we complete the necessary improvements to our internal systems, we will continue to identify additional growth opportunities that leverage our operating platform and drive incremental profitability."