US: RG Barry books mixed Q2 results
RG Barry Brands has booked an increase in second-quarter earnings but reaffirmed its outlook for lower full-year sales on the back of economic headwinds.
In the three months ended 28 December, the US footwear and accessories manufacturer recorded earnings of US$6.1m compared to $5.3m a year earlier.
CEO Greg Tunney said investing significant resources in its brands helped boost profits but added that the company continues to operate in a challenging retail environment.
As a result, net sales dropped to $48m from $48.5m in the comparable period last year.
CFO Jose Ibarra said the group continues to experience economic headwinds. "While the company is financially strong and well-positioned to meet its long-term goals, these factors have led us to reaffirm our view that consolidated revenue this year will be down slightly compared with fiscal 2013."
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