Phoenix returns to profitability
California-based footwear, apparel and accessories company Phoenix Footwear Group, Inc. has posted higher sales for its first quarter ended March 31.
Net sales increased 4.3% to $42.1 million compared with $40.3 million for the first quarter of 2006. Sales growth was primarily attributable to the strong performance of its Altama and Chambers Belt brands, which increased 54% and 28.3%, respectively, as well as a positive contribution from Trotters. Additionally, during the first quarter, the company started shipping footwear under the American Red Cross brand. However, net sales growth was offset significantly by a 46.5% decrease in Tommy Bahama and a 48.6% decrease in H.S. Trask.
First quarter net income was $414,000 compared with $3 million in the prior-year period.
