Activewear sales let Tefron down again
Israeli producer of seamless intimate apparel, swimwear and activewear Tefron Ltd. has reported lower revenues for its third quarter.
Revenues fell 22.2% to $30.3 million compared with $39 million in the prior-year period. The decrease in revenues was the result of lower activewear sales, primarily to Nike, and a reduction in sales of intimate apparel. This reduction was slightly offset by an increase in sales of swimwear, which are seasonally weak in the third quarter.
Revenues for the first nine months were $119.7 million, down 13.3% compared with $138.1 million recorded during the first nine months of 2006.
The company also announced that its contemplated joint venture in China with Langsha Knitting Co. Ltd. and Itochu Corporation has been terminated due to lack of progress with its Chinese partner.
CEO, Yos Shiran, said: "While the last few quarters have been very challenging for us, we are working diligently to develop new, advanced products and increase sales, particularly in our activewear business.”
