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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)