CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
Volcom CEO Richard Woolcott struck an optimistic note on the company's first quarter earnings conference call this afternoon, saying several times that he is seeing a more positive outlook from retailers and manufacturers.
He said retailer and manufacturers have shifted from defense to offense now that the new economic reality has been digested and accepted. Currently, both retailers and manufacturers are looking forward and focusing on what they can do, whether it's in stores or with product, to improve business and excite customers.
Richard said his sales teams are very in tune with retailers and are seeing signs of optimism. There is an overall sense the tide is turning in a more positive direction, he said.
Here are more details from the conference call:
(Note: first quarter 2009 figures are compared to first quarter 2008 figures)
Total company revenue: down 15 percent to $68.3 million, slightly above forecast
Net income: down 55 percent to $4.2 million
Gross profit margin: 50.3 percent vs. 52.4 percent.
SG&A expenses: $28 million vs. $27.8 million
Inventory: $22.3 million vs. $19 million
Cash and short term investments at end of quarter: $85 million, with no long term debt.