The tide turns at Tandy Brands
Tandy Brands Accessories is set to record the first quarter-to-quarter revenue increase in 12 quarters and is positive about the future.
Tandy Brands Accessories has posted preliminary financial results for the first quarter ended September 30. The company expects to report net income in the range of $800,000 to $1.2 million compared with a net loss of $1.3 million during the corresponding period last year.
Net sales for the quarter were $37.3 million, up 8% from $34.6 million in the prior-year period.
The company has also reiterated its financial guidance of 8-10% net sales growth for fiscal 2010, as well as a significant improvement in bottom line performance. For fiscal 2009, the company reported net sales of $129 million and a net loss of $15.1 million.
Rod McGeachy, president and chief executive officer, said: "Strong contributions from virtually all of our product categories combined to drive the sales growth."
