WARNACO NAMES MCCORRY: James McCorry has been named chief financial officer of the Warner’s division of The Warnaco Group, effective Sept. 1.
McCorry will report to Maurice Reznik, president of Warner’s, and Linda J. Wachner, Warnaco’s chairman, president and chief executive officer.
He takes over responsibilities that were held by Floyd C. O’Quinn, who, as reported, has joined Kellwood Co. as vice president of operations for the firm’s activewear and lingerie division.
McCorry has been chief financial officer of Aris Isotoner, owned by Sara Lee Corp. He joined Aris 23 years ago as controller.
ALBA PROFITS UP: Alba-Waldensian, Valdese, N.C., reported profits for the second quarter ended July 3 climbed sharply to $549,276, or 30 cents a share, from $98,769, or 5 cents, a year ago. Sales rose 24.2 percent to $14.7 million from $11.9 million.
In the half, earnings more than doubled to $890,486, or 48 cents, from $400,290, or 22 cents. Sales rose 17.9 percent to $28.1 million from $23.9 million.
Thomas F. Schuster, president and ceo, said gross margins increased in the latest quarter to 25.6 percent from 25 percent. He added the third quarter is encouraging, starting with open orders up about 18 percent ahead of a year ago.
Alba-Waldensian manufactures women’s hosiery and innerwear under various brand names. Other products include men’s socks and sweaters and medical specialties.
NANTUCKET LOSS GROWS: Nantucket Industries Inc. reported losses widened in the first quarter ended May 28, to $448,580 from $63,252. Sales slumped 19 percent to $8.5 million from $10.3 million. The company attributed the decline to elimination of the women’s underwear division and the women’s sock division in the last fiscal year, adding that this was somewhat offset by sales gains in the men’s and Guess underwear divisions. Gross profit declined to 19 percent of sales from 23 percent, mainly due to additional writedowns of women’s division products. This was partially offset by higher margins of Guess lines. The Guess lines include men’s and women’s products.
Stephen M. Samberg, chairman, president and ceo, said the loss was expected. “We are optimistic that Nantucket’s financial performance will improve as the year progresses,” he said.