Phoenix Footwear Group Inc. Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 2, 2015
August 09, 2016 at 05:25 pm
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Phoenix Footwear Group Inc. reported un-audited consolidated earnings results for the second quarter and six months ended July 2, 2015. For the quarter, the company reported net sales of $4,242,000 compared to $4,058,000 a year ago. Operating loss was $379,000 compared to $488,000 a year ago. Loss before income taxes was $539,000 compared to $651,000 a year ago. Net loss was $539,000 or $0.04 per diluted share compared to $651,000 or $0.08 per diluted share a year ago. Net sales for the quarter included growth in the Company’s e-commerce, independent, and internet based channels of distribution that was offset by declines in other channels.
For the six months, the company reported net sales of $9,743,000 compared to $10,730,000 a year ago. Operating loss was $436,000 compared to $210,000 a year ago. Loss before income taxes and discontinued operations was $737,000 compared to $690,000 a year ago. Net loss was $737,000 or $0.06 per diluted share compared to $690,000 or $0.08 per diluted share a year ago. Contributing to the lower net sales for the first six months was a decrease in sales to a large national retailer and a decrease in the company’s catalog channel of distribution, that was partly offset by increases in the Company’s e-commerce sales and other internet based retailers. The loss before interest, taxes, depreciation and amortization from continuing operations for the first six months of fiscal 2016 was $329,400 compared to $55,700 for the first six months of fiscal 2015.
Phoenix Footwear Group, Inc. is engaged in the manufacture or importation and sale of footwear. The Company specializes in comfort womenâs footwear with a design focus on fitting features. The Company designs, develops, markets, and sells footwear in a wide range of sizes and widths under the brands Trotters and SoftWalk. The Company also distributes Bueno Footwear and Los Cabos Shoes. The Trotters brand is focused on providing customer with a wide range of sizes and widths in order to ensure the fitting shoes that customer can buy. The Companyâs Bueno brand footwear combines colors with a balance of style and comfort. Bueno brand is sold in over 30 countries, including Canada, Italy, France, Germany, Japan, and Australia. The Company's brands are primarily sold through department stores, specialty and independent retail stores, mail order catalogues and Internet retailers. Penobscot Shoe Company is a wholly-owned subsidiary of the Company.