Slowdown in orders knocks sales at Tandy Brands
First quarter sales slipped from $57.2 million in the first quarter last year to $39.5 million at American accessories designer Tandy Brands Accessories due to a slowdown in replenishment orders from one of its major customers and a “challenging retail environment”.
President and chief executive J.S.B. Jenkins, commented, "We are disappointed with our first quarter performance. We continue to face the challenges of the slowdown in orders from one of our key customers and a challenging retail environment. However, we anticipate that the remainder of fiscal 2008 should benefit from the strategic initiatives we have implemented over the past 22 months. Among these initiatives are the exit from low-margin categories and a focus on increasing our core lines of men's, women's and boys' accessories, and the move to shift manufacturing exclusively to our overseas partners which will result in lower production costs.”
Tandy Brands designs men’s, women’s and children’s accessories including belts, wallets, handbags and sporting goods.
