NEW YORK — Leather goods manufacturer Tandy Brands Accessories Inc. said Wednesday that it will exit its low-margin socks, cold weather accessories, fashion scarves, evening bags and most children’s businesses to focus on its core areas of women’s belts, wallets, handbags and gift accessories. The move is being taken in order to improve profitability, the company said, even though it will reduce annual sales by about $30 million.
The announcement came on the same day the company reported a wider third-quarter net loss on a 3.4 percent increase in sales. The loss was negatively impacted by a $7.1 million pre-tax charge from costs associated with the women’s division product-line discontinuations and subsequent staff reduction costs.
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