Springs Finishes 2009 in the Black
April 1, 2010,
[caption id="attachment_1279" align="alignleft" width="225"] [/caption]
MONTES CLAROS, Brazil-Springs Global managed to show net income for both the fourth quarter and the 2009 calendar year, reversing losses for both periods.
Using the average conversion rate from the Brazilian real to the U.S. dollar for 2009, the company's fourth-quarter net income was $519,452, and was $19.8 million for all of 2009. Net sales for the quarter totaled $275.8 million, down 31 percent from the fourth quarter of 2008; while its net sales for the year were $1.2 billion, a decrease of 24 percent--again based on average currency conversion rates for both years. The bottom line for both periods benefited from an 8.5 percent reduction in general and administrative expenses, an $80 million booster from currency exchange variation and a 230 basis-point improvement in gross margin.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money