Russ Berrie Reports 3Q Results
Staff -- Gifts & Decorative Accessories, 12/1/2003
Oakland, NJ — Russ Berrie & Co. reported that consolidated net sales for the third quarter of 2003, ended September 30, decreased 8.2 percent to $87.8 million, compared to the third quarter of the year before. The decrease was primarily attributable to a decline in the company's core segment, offset in part by the sales generated by Sassy Inc., acquired in July 2002. Net sales in the company's core segment declined 12 percent compared to the year ago period. For the nine months ended September 30, consolidated net sales increased 1.3 percent to $242.6 million. Russ Berrie & Co. has hired investment banking firm Bear Stearns to assist the company in strategic alternatives, including a possible sale.
