Mossimo Inc

Mossimo Inc.'s sales should improve by the first of the year based on orders being placed for its expanded product lines, Chief Executive Edwin Lewis told shareholders Thursday during the company's annual meeting. While declining to predict specific numbers, Lewis said retailers "see success" in the redesigned clothing line of the struggling Irvine company. After a year and a half of belt-cinching, Mossimo announced this month that it had lost another $1.

Mossimo Inc.'s sales should improve by the first of next year based on orders being placed for its expanded product line, Chief Executive Edwin Lewis told shareholders Thursday during the company's annual meeting. While declining to predict specific numbers, Lewis said retailers "see success" in the struggling Irvine company's redesigned clothing. After a year and a half of belt-cinching, Mossimo announced that it had lost an additional $1.5 million in the first quarter while sales fell 42%.

Mossimo Inc. continued its slide in the first quarter, reporting Friday that it lost $1.5 million while sales dropped 42% in the three-month period. The sales decline was attributed in part to a narrower product line and the reduction of unprofitable accounts. The Irvine-based clothing designer has undergone a siege of belt-tightening as it struggled to rebound from difficulties that arose after shifting from its beachwear roots to more fashion-oriented apparel.

Clothing designer Mossimo Inc. narrowed its losses significantly in the fourth quarter, the Irvine company reported Tuesday, indicating that its downsizing efforts are paying off. Mossimo lost $2.6 million, or 17 cents a share, for the last three months of the year, compared to a loss of $13.5 million, or 90 cents a share, in the same period last year. Sales declined 35% to $8.4 million from $12.

Mossimo Inc. shares hit a 52-week high on Thursday, continuing an upward swing that began early this month when a former Tommy Hilfiger Inc. chief executive took the reins at the Irvine apparel designer. The shares hit $12.25 in New York Stock Exchange trading on Thursday, before closing at $11.88, up $1.63. Just three months ago, the share price had sunk to $1, a 52-week low. About 292,200 shares changed hands, more than twice the average daily volume of 110,712 for the past three months.

Mossimo Inc. said Thursday it hired two more executives away from Tommy Hilfiger Inc., bringing to five the number of employees who have left the big New York fashion house for the much smaller Irvine designer. Jerry Robertson, Hilfiger's vice president of design, and Jim Justis, Hilfiger's vice president of international licensing and retail development, are joining Mossimo in similar roles.

In a bold move to turn his long-struggling apparel company around, fashion designer Mossimo Giannulli said Tuesday he gave up half his 70% stake in Mossimo Inc. to snag an industry veteran for the company's top post. Giannulli relinquished half of his 10.4 million shares--worth $15.6 million--to former Tommy Hilfiger Corp. chief executive Edwin Lewis, who will take the same job at Mossimo.

In a bold move to turn around his long-struggling company, fashion designer Mossimo Giannulli said Tuesday that he has given up half his stake in Mossimo Inc. to snag an industry veteran for the company's top post. Giannulli relinquished 35% of Mossimo stock--worth $15.6 million before Tuesday--to the company, which sold options on the stake to former Tommy Hilfiger Corp. Chief Executive Edwin Lewis, who will take the same job at Mossimo.