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Sales Up 11% At iFabric Intimates Division

(Filed Under Financial and General Interest News). Sales jumped 11% in the fiscal third quarter at the intimates division of Toronto-based public company iFabric. The company also noted that Q3 combined sales topped a record for the quarter set last year.

“Revenues in the Intimate Apparel Division, which operates under the name Coconut Grove, were $2,357,924CD [Canadian dollars, about $1.8 million at current exchange rates],” up from $2,136,503CD in 2022. The company added that “Revenues in the Intelligent Fabrics Division were $2,915,157CD [about $2.2 million], a decrease of 5% from $3,075,894CD in 2022 that is attributable to seasonal timing differences of deliveries.”

Overall combined sales at iFabric were up slightly over record sales in the same quarter last year, while net income fell 62%, “with the reduction attributable to increased expenses” that included “personnel costs, commissions, royalties, rent, advertising spend, and travel expenses, that were each incurred to support future revenue growth,” according to CEO Hylton Karon.

The company (for which the fiscal year ends in September) earned $132,546CD (about $98,000 at today’s exchange rates) on sales of $5,278,331CD (about $3.9 million) in the three months ended June 30, compared to earnings of $344,804CD (about $256,000) on sales of $5,238,900CD last year.

Karon declared he was “pleased to report that we were able to match 2022’s record Q3 revenues despite an overall downturn in global retailer sales,” adding that “New hires into our product development and marketing teams are currently finalizing new programs for our existing customer base and, at the same time, we are also working on proposals for new major customers, which we expect to close in the near term.”

“Along with our apparel programs in both divisions, I believe that the regulatory and clinical trial milestones recently achieved will positively impact our opportunities for sales of fabric-treatment technologies. For our customers already incorporating the company’s industry leading fabric-treatment technologies, they can now market “clinically-proven” medical apparel, something we’ve proudly pioneered at a level never achieved before. We are excited about the revenue and profit potential of these opportunities for the quarters and years to come,” Karon concluded. — NM

more Financial and General Interest News >>

Published 08-25-2023 by Nick Monjo

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