R.G. Barry to hit targets despite weak holiday sales
Despite a weak holiday performance at some of its retailer customers American accessory footwear company R.G. Barry Corporation has still reported improved retail sell-through rates and expects revenue for fiscal 2008 fiscal to meet its forecasts, although its projected sales increase is likely to be in “the lower end of its previously issued 4-to-8% range”.
For the second quarter, the company reported net sales of $38.6 million, down from $39.5 million in the corresponding period of fiscal 2007, while for the first half net sales declined to $70.7 million from $74.8 million in the prior-year period.
"We are quite pleased with our overall performance during another very difficult, highly-promotional season at retail," said Greg Tunney, president and chief executive. "Our success resulted in great part from the flexibility of our business model and our very broad presence across many retail channels. Our business with mass merchandisers and warehouse clubs was especially good this holiday season.” He added, "The net sales decline reported today primarily reflects a shift in sales to the second half of this year due to our largest customer selecting us as their single resource for year-round basic replenishment slippers.”
