“This is our seventh consecutive quarter of positive earnings and healthy sales despite the most difficult economic conditions in recent memory and retail’s continuing loss of doors to bankruptcies, closings and consolidations,” President and CEO Greg Tunney said in a statement released Monday.
Earnings for the quarter were $123,000, or 1 cent a diluted share, compared with $1.2 million, or 11 cents a share, in the third quarter of 2008. Net sales, however, rose to $21.1 million from $20.2 million during the same period a year ago.
For the nine-month period, earnings fell to $7.3 million, or 69 cents a share, from $9.1 million, or 68 cents, last year, while sales hit $95.6 million compared with $91 million the previous year.
Commenting on the company’s strength, Tunney added that the firm is actively seeking acquisitions, even in this climate. “We are investing in our proprietary brands, aggressively seeking category-appropriate acquisitions that will broaden our reach in the accessories arena and continuing to refine and focus the private-label and licensed portions of our business,” he said.
In other news, the company also announced a unanimous decision to reduce its board of directors by one member, bringing the total to nine members.
“We view this as a significant step in efforts to make our board more efficient and economical,” said Chairman Gordon Zacks. “The board will continue evaluating our performance and adapting to maximize the board’s contribution and value to our shareholders.”