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Thursday
March 12, 2009
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New Era CEO Hoping '09 Sales, Revenues Match '07, '08 Figures
After growing 25% annually for five years, New Era's revenues "flatlined at just over $340[M] in 2007 and 2008," according to Tim O'Shei of BUSINESS FIRST OF BUFFALO. If '09 revenue "even matches those numbers," New Era CEO Chris Koch "will be happy." But so far, the indications "aren't good," as orders "are down." New Era also has "frozen its hiring, raises and bonuses." Koch said due to the economy, the "part of our business getting affected the most is the small, highly customized quick-turn stuff that so many smaller and bigger retailers were jumping on." Koch: "It's what drives all our domestic facilities. We're concerned because we're seeing a huge dropoff in that part of the business." Meanwhile, Koch said of the company's President Obama hats, "With the economy goes hat sales. ... His hats were alright. But that's not going to make us, selling a few Obama hats" (BUSINESS FIRST OF BUFFALO, 3/6 issue).

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