by Apparel Resources News-Desk
18-November-2019 | 1 min read
Global Brands Group has had a good last 6 months with its margin growing from 27.2 per cent to 33.4 per cent of revenues.
The increase, reportedly, has been attributed to reduction in off-price sales levels.
Further elucidating, Rick Darling, CEO, Global Brands said “Apart from the reduction in off-price sales, the growth has also been due to bolstering of our sourcing capability, as the group moved certain functions closer to the needlepoint, where production is located.”
Compared to last year, the revenue fell by 5.2 per cent. The profit before tax, interest and depreciation, on the other hand, surged by 304.4 per cent to touch US $ 80 million.
Pleased over the significant improvement, Rick said that in 6 months, the Group has already exceeded the initial target of US $ 100 million and subsequent target of US $ 140 million in operating cost reductions, which it had originally anticipated to achieve by the end of this financial year.
The Group also owes this rise to greater efficiencies and synergies throughout its organisation.
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