Phoenix Footwear reports Q1 loss
US retailer Phoenix Footwear Group has reported a net loss for the first quarter of the years, on the back of higher interest expenses. For the quarter ended 2 April the company’s net sales totalled $4.8m, compared to $5.3m in the prior year period.
In the first quarter, net loss totalled $339,000, compared to $440m profit in the same period last year. Selling, general and administrative expenses, totalled $2.0m, a decrease of 18.4% compared to $2.5m in the first quarter of 2010, Phoenix said.
However, interest expense for the quarter totalled $179,000 compared to $61,000 for the first quarter of 2010.
During the first quarter of this year, the company entered into discussions for the sale of its HS Trask brand in order to focus on growing the Trotters and SoftWalk brands. It has also announced the addition of Stephanie Pianka to its board of directors.
