iFabric Has Record Revenue For Q2 & 6 Months

Toronto-based iFabric, parent to the Coconut Grove intimates brand as well as a technical fabrics division, reported “record financial results for its second quarter and six months ended March 31, 2023.”

iFabric earned 469,419 Canadian dollars (CD), (about $353,000 at today’s exchange rates) on sales of $6,642,563 CD (about $5.00 million) in the quarter ended March 31, compared to a loss of $671,680 CD on sales of $3,477,287 CD in the same quarter last year.

According to the company, “revenues in the Intelligent Fabrics Division, increased by 101% or $2,223,346 CD to $4,413,977 CD from $2,190,631 CD in 2022, attributable to new swimwear programs for a major retail customer, which commenced shipping in the current quarter.” Meanwhile “revenues in the Intimate Apparel Division increased by 76% or $963,183 CD, to $2,223,336 CD from $1,260,153 CD in Q2 2022.” That increase was primarily attributable to increased sales in Canada.”

CEO Hylton Karon noted that “The launch of our Roots branded swimwear program (in the Intelligent Fabric division) was a tremendous success for the company. The 2023/2024 program has already been renewed at 150% of the inaugural delivery. This program brought with it the addition of a further major national retail chain, which we see as potentially becoming one of our largest Canadian customers, in this and many other categories as we continue to build out our business with them. We also continue to make excellent progress in executing our strategic growth plan and diversifying our business. We are continuing to grow across Canada and the US at a great pace.”