(Filed Under Financial and General Interest News). iFabric lost 135,227CD (Canadian dollars-about $112,000 at today’s exchange rate) on sales of 2,882,660CD (about $2.39 million) in the quarter ended March 31, 2021. This compares with a loss of 479,436CD (about $397,000) on revenue of 2,252,090CD (about $1.86 million) in the same period last year.
Canada based iFabric has two main segments, Intimate Apparel, which includes the design and distribution of women’s intimate apparel and accessories (also known as Coconut Grove); and Intelligent Fabrics, which includes the development and distribution of products and treatments for application to textiles, plastics, liquids, and hard surfaces as well as finished apparel which integrates one or more such treatments.
Over the six months, the Intelligent Fabrics division has fared by far the best. In the half year ending March 31, earnings before taxes at the Intelligent Fabrics segment were 2,277,382CD (about $1.89 million) on sales of 10,046,705CD (about $8.32 million), compared to earnings before taxes of 289,807CD (about $240,000) on sales of 3,687,437CD (about $3.05 million) in the same period a year ago.
Meanwhile, the Intimate Apparel division lost 283,339CD before taxes (about $235,000) on sales of 928,797CD (about $769,000) in the six months ended March 31, compared to a loss of 655,824CD (about $543,000) on sales of 2,128,008CD (about $1.76 million) in the half year ended March 31, 2020.
Commented CEO Hylton Karon: “I am pleased to report that the Intelligent Fabric Technology (North America) Inc. division accomplished growth of over 100% compared to Q2 2020, in what is traditionally the weakest quarter of the year for both divisions. The lingerie division’s customer base being traditional retailers, has not yet recovered to pre-pandemic numbers. However, U.S. customers’ orders have recently rebounded,
indicating a belief of a sustained re-opening. This trend gives us confidence for the balance of 2021. Our current 6-month performance has almost matched the entire revenue for 2020.” — NM
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