Swank Inc. on Tuesday reported a second-quarter profit, versus a year-ago loss, on higher sales and reduced selling and administrative expenses. Shares of the accessories firm increased 13.6 percent in over-the-counter trading.
In the three months ended June 30, New York-based Swank registered net income of $401,000, or 7 cents a diluted share, compared with a net loss of $128,000, or 2 cents, in the year-ago quarter. Sales advanced 2.9 percent to $26.5 million from $25.8 million as strength in belts and personal leather accessories and fewer markdowns, as well as cooperative advertising expenses, offset weakness in its luxury business, some of it the result of large initial orders shipped during the first half of 2008, when Swank entered the luxury sector.
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)