(Filed Under wholesale Lingerie News). First quarter sales rocketed up 95% at Coconut Grove, the apparel division of iFabric Corporation. This follows a 97% jump in sales at the same division in the fiscal fourth quarter ended September 30, 2017.
Coconut Grove launched in 1985 and now includes over 50 products including a patented backless strapless underwire bra, other solution bras and bra accessories, intimate apparel and sleepwear. It offers items under the licensed Maidenform brand and has a private label division that serves specialty chains and department stores with distribution to over 45 countries.
iFabric’s other division, Intelligent Fabric Technologies (North America), launched in 2008, produces a wide range of products focused on the improved safety and well being of the wearer and user of fabrics across a wide range of market segments.
“Both our divisions continue to build on the record 2017 financial year effort,” declared Hylton Karon, president and CEO of iFabric. “I am extremely pleased by the quality of our sales and the effectiveness of improved inventory management systems, which have positively impacted both our cash position and bottom line. This leaves the company in a strong and well-capitalized position to fund continued growth and expansion in 2018 and beyond.”
“Revenues for the apparel division were $3,479,795 in Q1 2018 compared to $1,785,939 in Q1 2017,” according to the company. iFabric reported “total revenues of $5,136,771 in Q1 2018 compared to $3,102,120 in Q1 2017, representing an increase of $2,034,651 or 66%. This represents a record first quarter for iFabric.”
For the quarter, “net earnings attributable to shareholders was $950,480 (or $0.036 per share basic and $0.035 diluted) compared to a net loss $125,375 in the same quarter of 2017 (or $0.005 per share basic and diluted), representing an increase in net earnings of $1,075,855.”
The company is on a roll. For its latest fiscal year, ended September 30, 2017, it reported total “revenues of $18,856,477 compared to $13,570,365 in 2016 representing an increase of $5,286,112 or 39%. This represents record annual revenues for iFabric.”
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