US: LaCrosse posts 32% increase in first-quarter sales
By Petah Marian | 27 April 2012
US footwear company LaCrosse has swung to a first-quarter profit after reporting a 32% increase in sales as the company fulfilled US military orders and lifted sales of its work shoes.
Revenues over the quarter ended 31 March reached US$33.3m, as sales to the work market increased 50% to $24m. The firm swung to a net profit of $560m against a $650m loss in the prior year.
Growth in the work market was driven by the fulfilment of military orders and growing demand from a "variety of non-military government and other niche work markets". Excluding the contract military and discontinued work apparel sales, core work sales were up 9% on a year-on-year basis.
Outdoor market sales rose 2% to $9.3m. Overall outdoor sales were negatively impacted by unseasonably warm and dry weather conditions, offset by growing demand for its new hiking and lifestyle products.
Gross margins declined to 37.9% from 41.4%, which it attributed to the increase in US military business and closeout sales.
"We're pleased with our performance in the first quarter of 2012, particularly the continued sales growth for our core work products and the success of our newest outdoor products," said president and CEO Joseph Schneider.
"During the quarter, we completed delivery of the large military contract that began in the fourth quarter of 2011 and saw increased sales of our tactical law enforcement boots and other innovative products to a variety of government customers. We also continued to penetrate into niche work market segments, such as mining, oil and gas exploration, and agriculture."
Companies: LaCrosse
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