Mid-range brands continue to struggle
While luxury goods companies continue to enjoy surging demand for their products, more and more mid-range firms in the USA are posting less positive results, as the impact from lower holiday sales at the end of 2007 starts to show.
Tandy Brands Accessories, Inc. is the latest to report lower sales for the last quarter, registering a significant drop from $64.3 million in the second quarter of fiscal 2007 to net sales of only $49.6 million in the same quarter this year.
J.S.B. Jenkins, chief executive, commented, "Our business has continued to be impacted by the generally difficult conditions in the consumer marketplace. While this has affected business for nearly all retail companies, we are by no means satisfied with our performance. We are taking immediate action to implement a number of improvements to our operating infrastructure and operating policies to improve our earnings and to resume growth in sales."
Tandy Brands designs and markets fashion accessories such as belts, wallets and handbags for men, women and children.
