NEW YORK — A strong performance in men’s wear — supported by an improved one in women’s accessories — allowed Tandy Brands Accessories to register a nearly double-digit increase in second-quarter profits.
During the three months ended Dec. 31, the Arlington, Tex.-based firm saw earnings increase 9.8 percent to $4.3 million, or 65 cents a diluted share, versus income of $3.9 million, or 61 cents, in the year-ago period. Sales rallied 15.3 percent to $74 million from $64.2 million.
Britt Jenkins, president and chief executive, attributed the improved results to “our core men’s business as well as better-than-expected performance from our Eton gift accessory business.”
Sold to mass merchants, the firm’s women’s accessories, a sore spot in recent quarters, “stabilized,” the ceo said, as “sales and gross margin exceeded the same period in the prior year.”
In the six months, net income was up 5.2 percent, to $7.1 million, or $1.09 a share, from $6.8 million, or $1.07, as sales rose 4.7 percent to $134.5 million.
This story first appeared in the January 31, 2005 issue of WWD. Subscribe Today.