SWANK LOSSES ARE DEEPER IN 1ST PERIOD

NEW YORK--Swank Inc. widened its loss in the first quarter ended March 31 to $1.5 million from $412,000 a year ago.
Sales inched up 3 percent to $30 million from $29 million.
The firm makes men's and women's jewelry, belts, leather goods and gifts under various brands including the licensed Anne Klein, Anne Klein II, Guess and Pierre Cardin labels. The company attributed the loss to a strategy aimed at reducing inventories, which caused "unfavorable production variances." The firm said it anticipates that over the next nine months production volume will increase, which will alleviate the problem.
--Fairchild News Service

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