Swank annual profit soars to $14M in 2006

TAUNTON – Swank Inc. (Pinksheets: SNKI) nearly quadrupled its profit to $13.99 million in 2006, compared with 2005 net income of $3.61 million. Earnings per diluted share grew 300 percent to $2.36, from 59 cents per share the year before.

Net sales rose 22 percent to $119.1 million, led by 27-percent sales growth in jewelry and 26-percent growth in personal leather goods.

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The company credited its strong results to lower returns from retailers; fashion trends favoring a dressier look for men; and the second-quarter sale of its former factory in Attleboro.

“Our various product classifications performed well,” said President John Tulin, “with our belt, jewelry and personal leather goods businesses each logging net sales growth of more than 20 percent.” Also during 2006, he said, Swank launched its Chaps and Donald Trump jewelry collections, expanded its new Nautica collection, and signed a licensing deal with Tumi for jewelry and luxury leather goods.

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For the fourth quarter, the company’s net income grew 184 percent to $9.894 million. Per-share profit grew 191 percent to $1.63 per diluted share. Net sales grew 21.4 percent to $37.27 million.

Swank Inc. is a maker and distributor of men’s leather accessories and jewelry under a variety of brands. Additional information is available at www.swankinc.com.

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