Apparel supplier Movie Star net sales drops 25.8% for Q4
26 Aug '05
3 min read
Mel Knigin, Movie Star's President and Chief Executive Officer, stated: "While fiscal 2005 was both a disappointing and challenging year, they dealt with several difficult operating and business issues and are entering fiscal 2006 with a positive attitude. Recently, they made personnel changes, including reductions in staff, which were necessary to improve their business, closed their Petersburg, Pennsylvania distribution center and terminated a consulting agreement with their prior Chairman.
"Looking forward, fiscal 2006 is off to an encouraging start. While they expect revenues, for the first half, to be less than last year, due to higher gross margin orders and their efforts to reduce expenses, they expect to make a profit in the first half of fiscal 2006."
Movie Star Inc produces and sells ladies apparel, including sleepwear, robes, leisurewear, and daywear. Current collections include the Cinema Etoile premium line of intimate apparel and the Movie Star line of apparel sold as private label programs.
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