US: Phoenix Footwear narrows full-year loss
- Full-year loss narrowed to $484,000
- Sales increased 5.2% to $16.7m
- Gross margin improved to 37.5%
Comfort shoe maker Phoenix Footwear Group has seen its full-year losses narrow thanks to higher sales of full priced products.
The Carlsbad, California-based company reported a net loss of US$484,000 for the 12 months to 29 December, compared with a $1.3m loss a year earlier.
Net sales increased 5.2% to $16.7m, up from $15.9m last time. The SoftWalk and Trotters brands saw sales rise 11.6% and 2% respectively.
Gross margin improved to 37.5% or 240 basis points from 35.1% last year.
The group said the improved results were boosted by a higher unit sales volume of full-priced goods, coupled with an increase in the average unit wholesale price and a decline in the sales volume of closed-out inventory.
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Comfort shoe manufacturer Phoenix Footwear saw second quarter losses narrow as sales and product prices improved. ...
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