Red Candie's

US footwear and clothing company Candie's reported it slid into the red with a net loss of $ 3.8m (€ 3.4m) in the second quarter ended 31 July 2003, compared to a net profit of $ 3.3m in the same quarter last year, while sales dropped by 16.6 per cent to $ 40m in the period. The company blames the negative impact on its transition out of footwear operations to the licensing business.