Tefron back in profit
June 9, 2004 | bengisu
Seamless intimate apparel maker Tefron, Israel, returned to profitability for the first time in a year and reported quarterly sales higher than any of the previous four quarters.
Mr. Yos Shiran, Tefron's chief executive officer said: "Our sales in the first quarter increased and were significantly higher than reported sales for any of the quarters in 2003. We have returned to a small profitability after a net loss in each of our previous three quarters."
Tefron's net income for the first quarter of 2004 was $106,000 compared to $1.0 million for the same period last year.
Sales for the first quarter of 2004 were $48.9 million, compared to $42.4M. in the first quarter of 2003, an increase 15.3%. Operating income fell by 37.5% to $2.0M. versus $3.2M. a year ago.
Tefron is introducing the seamless and bodysize technologies to activewear products, a plan that has required development and production of new and more complicated garments, and it is this that has affected operational efficiency.
"We believe that an important portion of our expected sales growth in 2004 will derive from these products," said Mr. Shiran.
more: inteletex.com/NewsDetail.asp?PubId=4&NewsId=2925 (104)
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