Greensource Q1 ’09 Earnings Up 21% over Q1 ’08, Opens NYC office

Greensource's earnings increased 21% in Q1 ’09 due to sales of the company’s jeans certified organic from farm to factory and its organic T-shirt business. The company opened a showroom in New York City, NY, June 8, 2009.

New York City, NY – Greensource, the ninth largest designer and manufacturer of organic cotton apparel in the world, enjoyed a 21 percent increase in earnings based on sales growth in the first quarter of 2009. The increase was mostly due to the popularity of the Seattle, WA-based company's jeans certified organic from farm to factory as well as the company's strong organic T-shirt business, including its blanks. Greensource's fashion-forward yet affordable jeans are sold at Walmart (“Faded Glory”), Kmart (“Route 66”), Kohl's (“Re-Gen”) and enable consumers to buy products with a similar look to premium jeans, but with less impact both on the environment and the pocketbook.

To support the company's East Coast retail clients, Greensource opened a new office and showroom in New York City, NY, at 1410 Broadway on June 8, 2009. Given the company's environmental ethos, it installed ecologically friendly bamboo floors, LED lighting, and Forest Stewardship Council–certified wood conference table and chairs (covered with organic denim, of course!) and makes great use of the natural lighting for its showroom. The office will be led by Brady Hill, vice president of sales, formerly located in Bentonville, AR.
“We are tremendously proud to be growing despite the recession and excited to be closer to our New York City-based contacts which will make it easier to facilitate continued growth,” said David Basson, Greensource president.

Apparel magazine named Greensource a “Sustainability All-Star” March 24, 2009 with the editors of Apparel noting that Greensource's “field-to-shelf involvement in creating a more eco-friendly supply chain is particularly focused on keeping toxic pesticides, synthetic fertilizers and defoliants out of the water we drink, the food we eat and the air we breathe.”

In addition, Greensource ranked as the 9th largest user of organic cotton in the world for its “Greensource” and “Re-Gen” (Recycled Generation) branded apparel, according to the Organic Exchange Organic Cotton Market Report 2008 released March 31, 2009,. If the company's considerable private label production for major retailers were taken into account, the company would actually rank much higher.

According to the Organic Exchange report, global retail sales of organic cotton apparel and home textile products reached an estimated $3.2 billion in 2008. This represents a 63 percent increase from the $1.9 billion market in 2007. The top ten organic cotton-using brands and retailers globally were Wal-Mart (USA), C&A (Belgium), Nike (USA), H&M (SE), Zara (Spain), Anvil (USA), Coop Switzerland, Pottery Barn (USA), Greensource (USA), and Hess Natur (Germany).


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