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Article: Movie Star loses $5.3M in quarter.(4th qtr. of 1995)(Brief Article)
- Article from:
- WWD
- Article date:
- October 23, 1995
CopyrightCOPYRIGHT 1995 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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NEW YORK -- After a $3 million charge for divesting its Schwabe men's shirt business, Movie Star Inc. lost $5.3 million in the fourth quarter ended June 30, against a loss of $1.9 million a year ago.
Movie Star said it expects to post a loss for fiscal 1996.
Early last month, the company reported it would exit the men's work and leisure shirt business and concentrate on its core intimate apparel operations.
Movie Star recorded a special $3 million charge of a write-down to its estimated realizable value of the division's inventory and other assets.
In the latest quarter, sales fell 7.1 percent to $16.2 million from $17.4 million.
In the ...