USA: Marisa Christina Posts Rise In Net Income

Women and children's clothing designer, Marisa Christina Inc, has posted a 5.5 per cent year-on-year climb in first quarter net income despite steep fall in sales amid the axing of an unprofitable label. The firm reported net income of $249,000, or three cents per share, versus a net profit of $236,000, or three cents a share, last year. It added sales plunged 27.9 per cent per cent due to the loss-making label and weak economy, but gross profit as a percentage of net sales rose to 36.4 per cent from 32.7 per cent.