ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, April 19, 1996 TAG: 9604190017
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE: JEFF STURGEON
Tultex Corp. of Martinsville reported Thursday what it called a promising 13 percent growth in sales in the first quarter. A seasonal business that performs best in the summer, fall and early winter, Tultex still posted a loss.
The maker and marketer of fleecewear, activewear and licensed sports apparel, reported a loss of $5.5 million, equal to 19 cents per share, on sales of $95.3 million during the January-March quarter. It lost $11.7 million, equal to 40 cents per share, on sales of $84.1 million in the year-earlier period, including a one-time charge related to debt of $3.7 million.
Sales of licensed apparel - the product lines in which officials see the greatest potential - rose 22 percent and were more profitable than in 1995's first quarter. Sales of Logo Athletic brand items grew 55 percent.
"While we remain cautious of the retail environment through the first half of the year, we are guardedly optimistic about our prospects for the second half," said Charles W. Davies Jr., president and chief executive officer.
LENGTH: Short : 29 linesby CNB