By  on November 12, 2008

Declining retail business and Mervyns’ bankruptcy resulted in a third-quarter drop in profits for Tarrant Apparel Group.

In the quarter ended Sept. 30, the Los Angeles-based design and sourcing firm reported an 87.2 percent slide in net income to $207,000, or 1 cent a diluted share, compared with $1.6 million, or 5 cents a share, in last year’s quarter. Sales in the period fell 20.3 percent to $56 million from $70.2 million a year ago.

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