Fourth-quarter profits for Swank Inc. tumbled more than 25 percent as the slowdown in consumer spending and anemic holiday shopping impacted sales of men’s accessories.
Net income for the maker of belts, leather goods and accessories fell 25.4 percent to $2.6 million, or 35 cents a diluted share, for the three months ended Dec. 31 from $3.5 million, or 81 cents a diluted share, in the 2007 quarter. Results for the most recent quarter were helped by $2 million of pretax income from an insurance settlement. Income from operations exclusive of the insurance benefit dropped 60.6 percent to $2.5 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"