(Filed Under Financial and General Interest News). Revenue at iFabric’s Intimate Apparel Division increased by 19% to $2,136,503CAD (Canadian dollars, about $1.63 million at current exchange rates) in the quarter ended June 30, up from $1,794,529CAD (about $1.37 million) in the division’s same third quarter of 2021.
The company stated the increase “was primarily attributable to the relaxation of COVID-19 restrictions.”
Parent company iFabric, a Toronto-based public firm, reported net income of $344,805CAD (about $263,500) on revenue of $5,238,900CAD (about $4.00 million) in the third quarter, compared to net income of $705,406CAD (about $539,071) on revenue of $4,155,829CAD (about $3.18 million) in the same period last year. “This represents record third quarter revenues for iFabric,” the company boasted.
iFabric continued that revenue at its other main division, intelligent fabrics, “increased by 32% or $742,565 to $3,075,894 from $2,333,329 in 2021, attributable to new apparel programs and increased chemical sales.”
iFabric noted “higher shipping costs from China and inventory write downs in the quarter,” as well as higher “selling and administrative costs” incurred “mainly as a result of new personnel hires to support the company’s future growth objectives.”
In other news, iFabric reported in had signed a license agreement to use “Roots trademarks in connection with the manufacture and distribution of men’s, women’s and children’s swimwear, to retailers and distribution channels approved by Roots, including Roots stores.” Roots claims 100 company-owned stores in Canada, two in the U.S. as well as “more than 100 partner-operated stores in Asia” that sell apparel, leather goods, footwear, and accessories.
iFabric also signed a “new license agreement with The North Face” that allows it to “use RepelTX ecoPEL in outdoor apparel, footwear and equipment.” iFabric asserted the chemical process represents “the next generation in sustainable water repellency performance. RepelTX ecoPEL modifies fabric at the molecular level by permanently attaching hydrophobic ‘hairs’ to individual fibers that lift liquids, causing them to bead and roll right off the fabric’s surface.” — NM
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