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Tefron profit tumbles

Unfavourable exchange rates and price reductions in its older intimate apparel product lines impacted impact margins at Tefron, a leading maker of seamless intimate apparel.

Full year 2007 revenues at the Israeli company were $158.6 million, a 15.7% decrease. The decline in revenue was primarily due to a reduction in sales of active-wear products, primarily to Nike, reduced sales of intimate apparel, mainly to Victoria's Secret for older Cut & Sew collections, and a slight decline in sales of swimwear, said the company.

Operating income for the year was $1.8M. compared with $25.9M. in 2006. Net income was $483,000 versus $18.4M. previously.

Mr. Yos Shiran, Tefron's chief executive officer, commented, "We faced a tough fourth quarter, particularly from a profitability standpoint. The primary cause was the weak US dollar, coupled with our Hi-Tex division manufacturing hurdles. While we are improving our ability to overcome these hurdles, we do expect them to continue into the early part of 2008."

Tefron said that the manufacturing challenges at Hi-Tex were short-term. These were

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