Tarrant Apparel Group a design and sourcing company for private label and private brand casual apparel announced financial results for the second quarter ended June 30, 2007.
The Company reported net sales of $60.1 million in the second quarter of 2007, compared to $59.1 million in the same period in 2006. Private Brands sales increased to $12.2 million compared to $11.4 million in the second quarter of 2006.
The increase in Private Brands sales was due to the increase in sales to Macy's Merchandising Group in the second quarter of 2007. Private Label sales increased in the quarter to $47.9 million from $47.6 million reported in the same period last year.
Gross profit for the second quarter of 2007 was $12.6 million, as compared to $12.7 million in the second quarter of 2006. As a percentage of net sales, gross profit declined from 21.4% in the second quarter of 2006 to 20.9% in the second quarter of 2007.
Selling, general, and administrative expenses in the 2007 second quarter were $9.6 million compared to $9.7 million in the 2006 second quarter. As a percentage of sales, selling, general and administrative expenses decreased to 16.0% versus 16.4% for the same period of the prior year.
Royalty expense for the second quarter of 2007 was $434,000 compared to $353,000 in the same quarter of 2006. The increase was primarily due to higher sales under the American Rag brand in the second quarter of 2007.
Income from operations was $2.5 million in the second quarter of 2007 compared to $2.6 million in the second quarter of 2006. Net income for the 2007 second quarter was $809,000, or $0.03 per diluted share, compared to net income for the 2006 second quarter of $611,000, or $0.02 per diluted share.
marketing@alchempro.com
