US: Phoenix Footwear reduces loss in Q2
Shoe, apparel and accessories company Phoenix Footwear Group posted a net loss of US$0.34m for the second quarter compared to a loss of $1m for the same period last year.
Quarterly sales, meanwhile, were up 127.1% to $34.9m compared to $15.4m a year ago.
The strong top-line performance was primarily attributable to double-digit growth from the Altama and Royal Robbins brands and solid contributions from SoftWalk and Trotters.
Organic growth was 27.4%, which excludes the Tommy Bahama and Chambers brands as these were acquired in the last twelve months.
Chairman and CEO Jim Riedman said: "Based on the current trends, we are optimistic about Phoenix's positioning for the balance of the year.
"We will continue to focus our sales efforts, further reduce our operating costs and pay down the Company's debt. Our management team is committed to maximising returns to Phoenix's shareholders."
For the six months ended 1 July 2006, net sales increased 80.1% to $75.2m compared to $41.8m for the comparable prior-year period.
Net income was $2.7m compared to net income of $140,000 for the comparable period a year ago.
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