US: LaCrosse Footwear FY profit cut after poor Q4
- FY net profit more than halved to US$3m
- Net sales down 12.8% to $131.3m
- Q4 sales down 15.9% to $43.8m
LaCrosse Footwear blamed falling sales to the military for double-digit revenue declines in the fourth quarter of 2011, which led to full-year net profit being more than halved.
The US company said sales to the work market slumped 13% in the fourth quarter, and 19% for the year, while sales to the outdoor market were down 20% in the fourth quarter, and 2% for the full year.
“While 2011 was a challenging year, we penetrated into niche work and outdoor markets, remained profitable and took important steps to improve the long-term efficiency and strength of our business,” said Joseph Schneider, company president and CEO.
“Our revenue was impacted by fluctuations in our contract military business throughout the year and unfavourably warm and dry weather in the second half of the year.”
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