(Filed Under wholesale Lingerie News). Tefron Ltd.’s sales jumped 30% in its second quarter, rising to $41.8 million from $32.1 million last year. Meanwhile, the company earned $1.0 million in the three months ended June 20, 2018, compared to a loss of $694,000 in the same period last year.
Similarly, in the first half the company earned $1.9 million on sales of $74.7 million compared to a loss of $614,000 on sales of $65.2 million during the first six months of 2017.
Tefron, Ltd. also reported that at the end of May it had approved a deal whereby one of its subsidiaries, Tefron USA Inc., purchased for $1, Lamour Hosiery, Inc., a private company incorporated in Delaware that is owned by the Lieberman family (whose members are the controlling shareholders of Tefron). Tefron noted that “the subsidiary carries out all of the Group’s sales in the United States, and for which Lamour executes the transactions opposite Walmart. The acquisition of Lamour, which has a manufacturer’s identification number with Walmart, will enable the Company to directly engage in negotiations with Walmart.”
In announcing the results for the first half, Tefron revealed the how revenues are divided between its two main businesses. $22.5 million in sales came from its “Brands” segment, which it defines as engaging “in the design, development, production and marketing of seamless intimate apparel and activewear and leisurewear, which are manufactured in the Company’s plants and through subcontractors and are sold to customers with leading brands.”
$52.2 million in sales were from its “Retail” segment which “engages in the design, development, production and marketing of seamless intimate apparel and activewear and leisurewear which are sold worldwide to customers in the retail market and are characterized by purchasing large quantities of less complex products compared to the products of the brands segment.”
The results for the two segments differ widely. During the first six months of this year the “Retail” segment generated a “Direct profit” of $5.5 million, while the “Brands” segment provided a “Direct loss” of $2.4 million. Other elements, including “indirect costs,” financing income and tax expenses contributed to the company’s combined net profit of $1.9 million for the first six months of 2018. — NM
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