SWANK RETURNS TO THE BLACK FOR 1ST QUARTER
ATTLEBORO, Mass. — Swank Inc. eked out a profit of $46,000, or less than a penny a share, in the first quarter ended March 31, against a year-ago loss of $893,000.
Sales for the accessories maker fell 10.2 percent to $27.6 million from $30.7 million due to the disposition of excess inventories in 1996.
In a statement, president John Tulin attributed the earnings turnaround to programs to improve profitability and asset management. The company has not reported any income before taxes in a first quarter since 1989.
Tulin said Swank “has experienced some degree of softness in incoming orders,” adding that increasing sales volume and market share “remain a key priority.”
The firm, which makes men’s and women’s jewelry, belts and leather goods under a variety of licensed names, continues to seek new licensing opportunities, Tulin said.