(Filed Under Financial and General Interest News). The Intimate Apparel Division at iFabric returned to profitability in the quarter ended June 30, as company sales jumped 29.3% to $4,155,829CD, (Canadian dollars, or about $3,282,897 at current exchange rates) compared to $3,214,465CD (about $2,539,266) in the same quarter last year.
Net earnings for the quarter at the Ontario-based firm, which also includes an Intelligent Fabrics Division, were $705,406CD (about $557,224), compared to a loss of $546,926CD (about $431,937) last year.
“I am pleased to report that our Intimate Apparel Division returned to profitability in the third quarter and with both our operating divisions now profitable, we saw a significant turnaround in earnings during the quarter,” said Hylton Karon president and CEO. “The upturn in purchasing by our customers is most encouraging. I am extremely pleased with these results and our current financial strength, as well the strategies we are putting in place to grow iFabric.”
According to the company, “revenues in the Intimate Apparel Division increased by 468% or $1,478,710CD to $1,794,529CD (about $1,417,327) from $315,819CD (about $249,467) in Q3 2020. The increase in Intimate Apparel revenue in 2021 versus 2020 was primarily attributable to the normalization of retail store operations in the United States following the lifting of COVID-19 restrictions.”
The company continued: “Revenues in the Intelligent Fabrics Division, decreased by 18% or $506,220CD to $2,333,329CD from $2,839,549CD in 2020, attributable to the elimination of high volume, low margin protective mask sales, due to a saturation of the mask market. Low margin mask sales have to a large extent now been replaced by high margin chemical sales, resulting in a substantial improvement in gross margins.” — NM
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