By  on September 22, 2008

NEW YORK — Tandy Brands Accessories Inc.’s losses grew nearly 60 percent in the fourth quarter as continuing cutbacks of retail inventories lowered the firm’s sales.

For the three months ended June 30, the net loss mounted to $4.7 million, or 67 cents a diluted share, from $2.9 million, or 43 cents, in the 2007 quarter. Tandy incurred $1.2 million in taxes in the more recent quarter, versus a $1.7 million tax benefit in last year’s period. The loss before income taxes dropped to $3.4 million from $4.6 million.

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