(Filed Under Financial and General Interest News). Israel-based intimate apparel and activewear producer Tefron posted revenues of $47.0 million during the first quarter of 2009, a 7.8 percent decline from revenues of $50.9 million during last year’s first quarter.
The company, which produces seamless intimates and activewear for Victoria’s Secret, Target, Warnaco and J.C Penney, among others, cited sales declines in intimate apparel and activewear as contributing to the company’s decrease in total sales. This was partly offset by an increase in swimwear sales.
Despite sales drops, Tefron reported a net income of $0.6 million compared to a net loss of $0.6 million. The company attributed the increase in profitability to its 2009 Efficiency Plan, which included reducing its staff size by 15 percent. The company also stated that the appreciation of the US Dollar versus the new Israeli Shekel currency contributed to the increase.
For more, e-mail Eran Rotem, chief financial officer at Tefron: Reran@Tefron.com.
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