Lower sales at Phoenix Footwear
03/04/2007
Phoenix Footwear Group, Inc. has posted a decline in net sales for its fourth quarter ended December 30. Sales decreased 12.8% to $28.9 million compared with $33.2 million for the fourth quarter of 2005. Increases of 26.2% and 11.5% at its Royal Robbins and H.S. Trask brands were offset by declines in its other divisions. Net loss for the quarter was $23.4 million compared with net income of $71,000 in the prior year quarter.
On a more positive note, full-year net sales increased 28.8% to $140.6 million compared with $109.2 million for the previous year. This was mainly attributable to a 27.8% increase in net sales at Royal Robbins, which were partially offset by declines at other brands. 2006 net loss totalled $20.4 million compared with net income of $1.2 million in 2005.
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