US: Phoenix Footwear Q3 profit surges 266%
- Q3 profit up 266% to $267,000
- Sales rose 1.6% to $4.74m
- Gross margin improved to 39.7%
Comfort shoe maker Phoenix Footwear has more than tripled its third-quarter net profit on the back of higher sales and improved margins.
Net income reached US$267,000 or $0.03 per share during the three months ended 29 September, compared to $73,000 or $0.01 per share last year. Operating earnings rose 156% to $619,000.
The Californian-based footwear firm said net sales edged up 1.6% to $4.74m, while gross margin rose to 39.7% compared to 38.2% the prior year.
Year-to-date profit reached $57,000, compared to a loss of $481,000 the same period last year. Sales increased 7.1% to $13.6m for the first nine months of the year.
Comfort shoe maker Phoenix Footwear Group has seen its full-year losses narrow after it was boosted by increased sales of its SoftWalk branded products....
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