USA: Sports Shoe Firm Saucony Surges Into The Black

By just-style.com | 14 February 2003

Leading sports shoe producer Saucony Inc on Thursday revealed it swung to a profit during the fourth quarter and full year as it was boosted by higher sales.

The Massachusetts-based firm, whose brands include Saucony, Hind and Spot-bilt, reported a fourth quarter net profit of $806,000 versus a year-ago loss of $2.8 million with net sales up 31 per cent to $28.2m from $21.6m.

For the full year ended January 3, Saucony posted a net profit of $5.2m compared to a loss of $940,000 in 2001. Sales edged up one per cent to $133.2m from $132.3m.

"Our better than expected fourth quarter performance was primarily fueled by ongoing strength in our domestic technical business," said president and CEO John Fisher.

”"We are particularly pleased with these results as they represent a great ending to what amounted to be a very strong year for our company, both strategically and financially. Over the past 24 months we have taken a number of steps to improve our business and enhance our operating platform, and it is gratifying to see our team's hard work has begun to pay off.

"As we head into fiscal 2003, we remain focused and committed to capitalising on the many opportunities that lie ahead."

He added its backlog of open orders scheduled for delivery within the next five month increased 14 per cent to $46.1m from $40.4m and said its gross margin for the quarter rose to 33.6 per cent from 29.1 per cent.

Companies: Saucony