NEW YORK — Weaker jewelry sales and higher transportation costs slowed Swank Inc. down in the fourth quarter, though the furnishings company said the new Tumi line will help it diversify its operations.
Fourth-quarter net income fell 65.1 percent to $3.5 million, or 57 cents a share. This compared with $9.9 million, or $1.63, a year earlier, when the firm registered a $5 million onetime tax benefit.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"