Mossimo Reports Gains in Its 1st Public Quarter
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IRVINE — Mossimo Inc. reported solid gains in earnings and sales for the clothing designer’s first quarter as a public company.
“As a public company, we are off to a strong start,” said Mossimo Giannulli, founder and chief executive officer.
Net income rose 21% to $4 million, or 28 cents a share, from $3.3 million, or 25 cents a share, a year ago. Sales gained 45% to $24.4 million from $16.8 million.
Sales of the company’s men’s active wear collection increased 17% to $13 million, while sales of its men’s sportswear line more than doubled to $10.4 million.
The company said its goal for 1996 is to install 50 men’s in-store shops in department stores. Thirteen already have been installed this year, bringing the total to 24.
Mossimo has also developed a new line of women’s sportswear that is scheduled to be in stores this fall, the company said.
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