TOKYO -- Renown Inc. reported severe losses for the fiscal year ended Jan. 31, marking its fourth consecutive year in the red. The net loss for the apparel firm was $109.7 million (11.5 billion yen) at current exchange rates. A year ago, the loss came...
TOKYO -- Renown Inc. reported severe losses for the fiscal year ended Jan. 31, marking its fourth consecutive year in the red. The net loss for the apparel firm was $109.7 million (11.5 billion yen) at current exchange rates. A year ago, the loss came to 19.4 billion yen. Sales dropped 5.4 percent, to $1.9 billion (204 billion yen) compared with a year earlier.
The firm said that price-conscious consumers, poor weather conditions and the overall recession resulted in a difficult fashion market and high inventories.
It added that cost-cutting efforts were insufficient to eliminate losses and said the company will not pay a dividend this year or next.
Among the year's disappointments, Hiroshi Fujita, executive vice president, said the total sales from three brands -- J. Crew, Aquascutum and Renown Next Eye -- were expected to reach $18 million (1.9 billion yen) in 1993, but "the sales reached not more than 70 percent of what we expected."
For fiscal 1994, net losses should be cut to $72.5 million (7.6 billion yen), the firm said.
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