New Balance supplier boosted by lower cotton prices
03/05/2013
It has revised up its expected full-year revenue to $2.15 billion, up from its prior forecast of $2.1 billion.
Net sales rose 8.4% to $523 million, driven primarily by branded apparel sales, which jumped 27.4% to $155 million. The branded business makes family apparel such as socks, and activewear, primarily for US retailers.
The company holds sock licences for Under Armour and New Balance but has been shifting away from the private label business, spending more to market its own brands such as Gildan and Gold Toe.
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