Phoenix Footwear struggles
Footwear and accessories firm Phoenix Footwear Group, Inc. has posted consolidated results for the second quarter and six months ended June 28.
Second quarter net sales fell 10% to $17.9 million compared with $19.8 million for the second quarter of 2007. Its footwear brands were down 4% for the quarter.
Net loss was $2.2 million compared with $1 million in the same period last year.
CEO, Cathy Taylor, said: "Our second quarter results were negatively impacted by the challenging economic environment and extraordinary softness at retail. In spite of this hurdle, Tommy Bahama maintained strong double digit growth and we were pleased with the sell through rates of products within our other brands.”
For the first half of 2008, net sales fell 3% to $39.9 million compared with $41.1 million for the first six months of 2007. Its footwear brands grew 4%, but this was offset by a 9% decrease in its accessories business. Net loss was $2.5 million compared with $2 million in the corresponding period last year.
