US: RG Barry Q1 profit slides as sales decline
- Q1 profit fell 11% to $6.1m
- Sales down 6% to $47.2m
- CEO said results were "in line with expectations"
Footwear and accessories maker RG Barry has today (6 November) seen its first-quarter net profit slide 11% on the back of falling sales.
Net earnings dipped to US$6.1m during the thirteen weeks ended 29 September, compared to $6.9m the same period last year. Operating profit declined 12.7% to $9.9m.
Net sales slipped 6% to $47.2m, with higher footwear sales in newer retail channels, including catalogues, online and home shopping, unable to offset softer sales in more traditional channels.
"These results are in line with our expectations for the quarter and with the direction we provided in our two previous earnings calls," said CEO and president Greg Tunney.
"Footwear remains our largest business, and it is performing quite well despite the impact of customer internal issues that frequently disrupt retailers. As we enter the critical holiday selling season, we are enthusiastic about our prospects."
Footwear and accessories maker RG Barry has today (5 February) reported that its first-half profit fell 13.6% on the back of declining footwear sales - but said its performance was in line with its ex...
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