USA: LaCrosse Footwear Reports Second Quarter Results
Net sales for the current quarter increased to $31.4m from $26.8 million for the second quarter of 1999. Through the first six months of 2000, the net loss is $783,000 or $0.13 per share, compared to a net loss of $470,000 or $0.07 per share for the same period last year. Net sales for the first six months of 2000 are $62.4m compared to $54.7m for the first half of 1999.
Shipments of both Danner® and LaCrosse® brand products increased during the second quarter of 2000. Danner shipments increased 21 per cent during the quarter, largely due to the success of the new Radical(TM) outdoor cross training products, increased international shipments and improved inventory availability.
LaCrosse-Industrial Division shipments were up approximately 15 per cent, driven by new products, more favorable weather conditions and increased penetration with large national accounts. LaCrosse-Retail Division shipments grew 10 per cent, the result of continued increases in leather work and sport products offset partially by lower farm and work rubber shipments, which is a direct result of the dry early spring weather. Finally, shipments of special make-up consumer rainwear increased approximately $1m for the quarter.
Gross profit for the second quarter of 2000 was 25.7 per cent of net sales compared to 26.5 per cent of net sales for the second quarter of 1999.
Lower margins on the increased volume of special make-up consumer rainwear shipments were the primary contributor to the lower overall margins. In addition, lower production levels at the LaCrosse, Wisconsin rubber plant resulted in increased factory costs during the quarter.
"We are pleased with the increase in sales for the second consecutive quarter," said Patrick K. Gantert, president and CEO. "We have seen success with the new LaCrosse leather products and Danner Radical series and will continue to invest in innovative products to drive sales. In addition, we are continuing to push forward with additional product outsourcing that allows us to reduce our overall domestic cost structure. Our goal is to return to profitability for the full year.
LaCrosse Footwear is a leader in the design, development, marketing and manufacturing of protective footwear and rainwear for the sporting and outdoor, farm and general utility, occupational and children's markets. For more information about LaCrosse Footwear products, go tohttp://www.lacrosse-outdoors.com, http://www.danner.com and http://www.lacrosserainfair.com.
Companies: LaCrosse Footwear Inc
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