• FY net income US$1.2m, versus loss of $15.1m
  • Sales up 10% to $141.9m
  • CEO hails “significant progress”

 

Tandy Brands Accessories returned to profit in the 12 months to 30 June, boosted by a double-digit sales increase.

Sales in the company’s fourth quarter were up 9% to $28.7m, allowing it to improve its adjusted net loss for the period.

“Fiscal year 2010 was a transformational year for Tandy Brands, and we made significant progress toward stabilising our operating platform and pursuing profitable growth,” said Rod McGeachy, Tandy president and CEO.

“Disciplined expense management, facilities consolidation and considerable improvements in working capital efficiencies resulted in improved bottom line results.”