• 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.