Cygne Designs net sales drop in third quarter

Fashion

Cygne Designs net sales drop in third quarter

Cygne Designs Inc announced results of operations for the third quarter ended October 31, 2008. Net sales for the third quarter of 2008 were $927,000, a decrease of $21,978,000, or 96%, from net sales of $22,905,000 for the second quarter of 2007. The decrease in sales for the third quarter of 2008 compared to the third quarter of 2007 of $21,977,000 was mainly attributable to the loss of our major customers during the period. Sales for the third quarter of 2008 consisted primarily of the Company`s remaining inventory to smaller customers. The Company generated a negative gross profit for the third quarter of 2008 of $669,000, a decrease of $4,877,000, from a gross profit of $4,208,000, or 18.40% of net sales, for the third quarter of 2007. This decrease in gross profit is primarily attributable to the loss of the Company`s major customers thus resulting in the Company liquidating its remaining inventory at significantly reduced prices. The Company recorded a net loss of $1,191,000, or $0.03 loss per share on a basic and diluted share basis, for the quarter ended October 31, 2008 as compared to a net profit of $707,000, or $0.02 per share on a basic and diluted share basis, for the prior year period. Cygne Designs, Inc. is a designer, merchandiser, manufacturer and distributor of branded and private label women`s denim, casual and career apparel with sales to retailers located in the United States.

Cygne Designs Inc

     Favourite      Print this story  Comments  Submit Press Release