John Tulin, President of SWANK INC reported increased net sales and improved operating results for the Company's first quarter ended March 31, 2006:
The Company's net income for the quarter ended March 31, 2006 was $24,000 compared to a net loss of $871,000 for the corresponding quarter last year. Last year's net loss included a non-recurring gain of $75,000 related to the termination of the lease on the Company's former Norwalk, Connecticut belt manufacturing facility. Net sales for the quarter increased 15 percent compared to the prior year due mainly to higher sales of both the Company's men's jewelry and belt merchandise.
Mr. Tulin continued, "Our belt business also performed well during the quarter. Net sales of our belt merchandise increased 18% due mainly to higher sales of private label collections to a variety of retailers and the continued strong performance of our Kenneth Cole collections. With a successful first quarter behind us, we are working on a number of new opportunities and look forward to the launch of new merchandise later this year associated with our new Nautica, Donald Trump, and Ted Baker licenses."
Net sales for the quarter ended March 31, 2006 increased $2,924,000 or 15% compared to the quarter ended March 31, 2005. The increase during the quarter was principally due to higher jewelry and belt net sales offset in part by a decrease in men's personal leather goods net sales. Net sales of our jewelry merchandise increased56 percent during the quarter compared to the prior year mainly due to additional shipments of both branded and private label collections.
marketing@alchempro.com
