Bibo a Good reminder post By: slg_49
11 Aug 2004, 12:40 PM EDT
Msg. 432308 of 432366
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BIBO @ .0037 >>> Just talked to management person at my local Walmart and asked how the Walmart house brand denim fashions were selling. I was told they are selling "very well" this summer. BIBO is a supplier to Walmart...
"On March 30, the company reported its mSasson's juniors and young men's denim fashions were a huge hit with both retailers and fashion reporters at this year's Winter MAGIC show held in Las Vegas evoking the feel of the late seventies and early eighties. While a number of retro fashion brands have sought to capture market attention in recent years, none have the cachet of m.Sasson, which evokes an era that multiple generations can relate to. "We are overwhelmed by the positive responses we received from retail buyers, media and attendees while launching the new m.Sasson brand at MAGIC," said Gail Binder, founder and CEO, BIB Holdings Ltd. "People really loved the denim items because they're so unique and affordable. We've tapped into a market of high quality at lower prices that has been underrepresented in recent years" The m.Sasson line is moderately priced with men's and women's jeans selling at retail for approximately $38 and $48 respectively, and men's and women's shirts and tops selling for $15 to $30."
"The company shipped products to 85 retail customers in 2003 with its five largest customers accounting for approximately 84% of our gross sales in fiscal 2003. WalMart accounted for approximately 48% of gross sales in fiscal 2003. Revenues for the year ended December 31, 2003 were $3,567,000. Gross profit as a percentage of revenue was -6% and 24.2% for the years ended December 31, 2003 and 2002, respectively. The reduction in gross profit as a percentage of revenues is a result of losing the major program from one customer, which carried a high gross margin, selling inventory, in some cases, at a loss, and taking orders at lower gross margins to generate cash. In addition, during the 2003 year, we recorded a write-down of inventory (amounting to approximately $424,000) in order to more properly reflect the market value of certain lines. Gross profit in absolute dollars decreased by $2,671,000. “We anticipate gross margin for 2004 will increase above 2003 levels as we begin to ship products under the newly-licensed m.Sasson(R) brand and our private label business returns to historical gross margin levels."
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