Sales fall at Tandy Brands Accessories
29/01/2007
Designer and manufacturer of accessories for men, women and children Tandy Brands Accessories, Inc. has reported lower sales for the second quarter of fiscal 2007, ended December 31. Net sales declined 12.9% to $64.3 million compared with $73.9 million for the same period in the prior year. The fall in sales was the result of the company’s planned exit from several lower-margin women’s categories and from efforts to improve its overall quality of distribution.
Following this reorganisation, the company anticipates full year fiscal 2007 sales to be in the range of $177 to $182 million.
On a more positive note, net income for the quarter increased 67.3% to $3.4 million compared with $2 million in the comparable period of fiscal 2006.
Tandy Brands Accessories’ product categories include belts, wallets, and handbags.
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