• Q1 profit soars 105% to $2.3m
  • Sales rise 14.9% to $29.4m
  • Lifts FY revenue forecast

Accessory footwear maker RG Barry Corporation has more than doubled its first quarter earnings after the timing of shipments to retailers returned to a more normal pattern.

The firm, which makes slippers, active fashion footwear and sandals, said net earnings soared by 105% to $2.3m or $0.21 per share, from $1.1m or $0.10 per share a year earlier.

Sales for the three months to 26 September rose 14.9% to $29.4m.

The company said the results "exceeded our most optimistic expectations," and sees them as "an early indication of the upcoming holiday season's potential for our business."

"Early sell-through at retail has been very healthy, and we have not seen the order delays and cancellations so common to many retail sectors at this time of the year," said president and CEO Greg Tunney.

He added: "We are working closely with retailers to manage in-store inventory to ensure they have the appropriate mix of products to maximize their holiday sell-through over the next eight weeks."

The firm said it expects to report "modest" annual revenue growth for the full year, based on orders and current retail performance. It had earlier predicted flat revenues for the year.