Announces signing new licensing agreement with Sean John®
Announces fourth quarter and full year fiscal 2013 results
Fiscal 2013 net sales of $114 million
DALLAS, Sept. 27, 2013 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc. (Nasdaq:TBAC) today provided an update on current events and reported financial results for its fourth quarter and fiscal year ended June 30, 2013. Update on Current Events The Company announced a new licensing agreement with Christian Casey, LLC to design, develop and distribute belts, small leather goods and gift items under the Sean John® label. The agreement includes U.S. and Canadian territories and expires on December 31, 2016. The Company also announced it has reached an agreement to extend its license with Haggar® to sell belts and small leather goods in the U.S. and Canada through December 31, 2016. "We are excited to go to market with Sean John® in our license portfolio and that we've successfully extended Haggar® another three years," said Rob McCarten, EVP and President - Tandy Brands. "We expect to deliver Sean John® products to retailers in summer 2014. Our current Haggar® line is performing well at retail with opportunities for volume growth at department stores." "I am appreciative of, and pleased with, the strength of our team's relationships with licensors and retailers," said Roger Hemminghaus, Chief Executive Officer and Chairman of Tandy Brands. "In addition to these licensing wins, we're working on several opportunities to grow our business in key accounts during fiscal 2014 with our licensed portfolio and in private label programs." Fourth Quarter Results Net sales for the fiscal 2013 fourth quarter were $20.6 million, a 4 percent decrease over net sales of $21.6 million in the same period last year. The sales decline was primarily attributable to lower sales prices on exited products and the timing of replenishment orders to a significant customer.