Sales fall at Phoenix Footwear
Phoenix Footwear Group has posted lower sales for its fourth quarter and full year ended January 2.
Fourth quarter net earnings totalled $1million compared with a net loss of $14.9 million during the prior-year period. Sales totalled $4.4 million, down 25% compared with $5.9 million.
For the full year, net loss was $7 million compared with $19.5 million the previous year. Sales fell 33% to $19.9 million from $29.6 million.
Commenting on the year’s results, Rusty Hall, CEO, said: "It has been an unprecedented and challenging year both for our company and the retail industry as a whole. Our focus this past 12 months has been on reducing our cost structure, retiring liabilities and positioning the company for a return to growth and profitability.
“While we are disappointed with the year's sales and net loss, I applaud our team's success in reducing our cost structure by millions of dollars, our bank debt by 74% and our total liabilities by $11.6 million.”
