ARLINGTON, Tex. — Tandy Brands Accessories reported third-quarter earnings grew 87.6 percent, to $1.3 million, or 24 cents a share, from $668,000, or 13 cents, in the year-ago quarter. Sales jumped 55.3 percent, to $17.6 million from $11.3 million.
For the nine months ended March 31, earnings rose 27.4 percent, to $4 million, or 77 cents, from $3.1 million, or 61 cents.
Earnings per share reflect the 3-for-2 stock split paid to stockholders in April.
Sales climbed 30.3 percent, to $49 million from $37.6 million.
J.S.B. Jenkins, president, stated that the favorable figures resulted from strong operating performances in each of the company’s accessories divisions. March sales were boosted by delayed shipments from the second and third quarters.
The upbeat financial report came on the heels of Tandy’s announcement last month that it had acquired certain assets of Prince Gardner, St. Louis, a manufacturer of small leather goods with strength in women’s. Tandy paid $7.69 million in cash for the acquisition, and Jenkins noted it should encourage growth for Tandy in fiscal 1995. Prince Gardner’s annual sales are more than $20 million, and its women’s brands include Princess Gardner, PG Sport and PG Solutions.
Prince Gardner, operating as a wholly owned subsidiary of Tandy, is relocating its headquarters here and its manufacturing to Yoakum, Tex., where Tandy has production facilities.
Dennis Barron, who was Prince Gardner’s president and ceo, left to join Zam’s, a St. Louis-based food retailer. Ralph Ryman was promoted to the new post of Prince Gardner’s executive vice president from vice president and will report directly to Jenkins.