Phoenix Footwear Group Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended January 3, 2015
March 10, 2015 at 02:00 pm EDT
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Phoenix Footwear Group Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended January 3, 2015. For the quarter, the company reported net sales of $5,650,000 compared to $4,415,000 a year ago. Operating income was $216,000 against operating loss of $26,000 a year ago. Earnings before income taxes and discontinued operations were $1,000 against loss before income taxes and discontinued operations of $100,000 a year ago. Net loss was $17,000 against $140,000 a year ago. Loss from continuing operations was $17,000 against $128,000 a year ago.
For the year, the company reported net sales of $21,995,000 compared to $19,218,000 a year ago. The increase in net sales for fiscal year 2014 was primarily driven by new product introductions designed to appeal to the broader customer demographic of the company's internet-based accounts, the on-time delivery of spring and fall goods, together with an improvement in the customer reorder volume of the company's fall product offering. Operating income was $1,132,000 against operating income of $822,000 a year ago. Earnings before income taxes and discontinued operations were $359,000 against earnings before income taxes and discontinued operations of $171,000 a year ago. Net loss was $327,000 against $70,000 a year ago. Earnings from continuing operations were $341,000 against $143,000 a year ago. Diluted earnings per share from continuing operations were $0.02. Diluted earnings per share from net earnings were $0.02. Earnings before interest, taxes, depreciation and amortization improved 14.8% to $1.32 million compared to $1.15 million for fiscal year 2013.
Phoenix Footwear Group, Inc. is engaged in the manufacture or importation and sale of footwear. The Company specializes in comfort womenâs footwear with a design focus on fitting features. The Company designs, develops, markets, and sells footwear in a wide range of sizes and widths under the brands Trotters and SoftWalk. The Company also distributes Bueno Footwear and Los Cabos Shoes. The Trotters brand is focused on providing customer with a wide range of sizes and widths in order to ensure the fitting shoes that customer can buy. The Companyâs Bueno brand footwear combines colors with a balance of style and comfort. Bueno brand is sold in over 30 countries, including Canada, Italy, France, Germany, Japan, and Australia. The Company's brands are primarily sold through department stores, specialty and independent retail stores, mail order catalogues and Internet retailers. Penobscot Shoe Company is a wholly-owned subsidiary of the Company.