US: Lacrosse Q3 profit dips despite military success
- Q3 profit down 21.4% to US$2.2m
- Sales up 1.2% to $40.8m
- Continued penetration into US military
Increased sales to the US military failed to protect Lacrosse Footwear from declining profits during the third quarter, with net income down 21.4% on last year.
The US company's net sales in the three months to 26 September were up 1.2% to US$40.8m, but net income dipped to $2.2m.
For the first nine months of the year, sales rose 4% to $96.6m, while net income fell 36% to $3.2m.
In the quarter, sales to the work market were up 14% to $22.1m, thanks to continued penetration into the US military.
Sales to the outdoor market declined 10.1% to $18.7m, impacted by the continued softness of global retail markets, Lacrosse said.
The company added that gross profit had fallen, primarily because of the greater proportion of quarterly revenue coming from military delivery orders.
"We continued to grow our work business and took important steps to improve the long-term efficiency and strength of our business," said Joseph P Schneider, president and CEO.
"During the third quarter of 2009, we continued to win more business within various branches of the US military, reflecting the proven durability and performance of our premium footwear in the demanding terrain of Afghanistan."
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