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Article: Innovo posts a profit.(Innovo Group Inc.'s sales are up)(Brief Article)
- Article from:
- WWD
- Article date:
- October 14, 2004
- Author:
CopyrightCOPYRIGHT 2004 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Scott Malone
Innovo Group Inc., the Commerce, Calif.-based denim maker, posted net income of $2 million, or 7 cents a diluted share, for the quarter ended Aug. 28. The profit compares with a loss of $2.3 million, or 14 cent a share, a year earlier. Sales were $41.1 million, up 87.7 percent from $21.9 million a year earlier.
Chief executive officer Jay Furrow said in a statement that the performance "reflects the ongoing implementation of our strategic plan to focus and maximize our core denim and denim-related apparel operations."
Apparel represented the bulk of sales: $36.1 million for the quarter, contributing operating income of $3.8 ...