CYGNE LOGS $2.8M LOSS IN 2ND PERIOD
NEW YORK — Cygne Designs Inc. reported a second-quarter loss of $2.8 million against a loss of $57,000 a year ago.
Sales for the three months ended Aug. 2 plummeted 83.1 percent to $11 million from $64.9 million.
The private label apparel maker said the sales decline primarily was due to the sale of Cygne’s Ann Taylor sourcing business in September 1996.
That business generated sales of $56.7 million last year. Also, sales to The Limited Inc. were lower and Cygne said they would continue to decrease.
The decreases were partially offset by higher sales to other customers.
As previously announced, the company expects it will have a net loss for 1997. The extent of the loss will depend, among other things, on the amount of sales to Limited.
For the six months, the company lost $7.4 million against a loss of $57,000 in 1996. Sales slumped 88.3 percent to $18.6 million from $141 million.