US: Phoenix Footwear swings to Q3 profit
By Leonie Barrie | 17 November 2011
- Posted Q3 net earnings of $73,000
- Sales edged up 6.8% to $4.7m
- Gross margin jumped to 38 from 26%
Comfort shoe maker Phoenix Footwear Group Inc has swung to a third quarter profit thanks to higher full-price and fewer closeout sales.
The Carlsbad, California based firm, which makes the Trotters and SoftWalk brands, reported net earnings of $73,000 in the three months to 1 October, compared to a net loss of $1.1m in the same period last year.
Net sales edged up 6.8% to $4.7m from $4.4m, as supply chain improvements helped boost the inventory position of key core and autumn lines. Gross profit rose to $1.8m, and gross margin jumped to 38 from 26%.
Companies: Phoenix Footwear
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