Business
McRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 2023
McRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 2023.
About this update from Mcrae Industries, Inc.
[{"type":"text","content":"\n\n\n\nMcRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 2023\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMcRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 2023\nPR Newswire\nMOUNT GILEAD, N.C., Dec. 14, 2022\n\n\n\nMOUNT GILEAD, N.C., Dec. 14, 2022 /PRNewswire/ -- McRae Industries, Inc. (Pink Sheets:  MCRAA and MCRAB) reported consolidated net revenues for the first quarter of fiscal 2023 of $33,783,000 as compared to $27,588,000 for the first quarter of fiscal 2022.  Net earnings for the first quarter of fiscal 2023 amounted to $2,857,000, or $1.26 per diluted Class A common share as compared to $2,222,000, or $0.98 per diluted Class A common share, for the first quarter of fiscal 2022.  \nFIRST QUARTER FISCAL 2023 COMPARED TO FIRST QUARTER FISCAL 2022\nConsolidated net revenues totaled $33.8 million for the first quarter of fiscal 2023 as compared to $27.6 million for the first quarter of fiscal 2022. Sales related to our western/lifestyle boot products for the first quarter of fiscal 2023 totaled $26.8 million as compared to $19.9 million for the first quarter of fiscal 2022.  This 35% increase can be attributed to increases across all brands.  However, we do expect sales for these products to decrease during the remainder of Fiscal 2023 as compared to the prior year.  Revenues from our work boot products decreased approximately 3%, from $7.2 million for the first quarter of fiscal 2022 to $7.0 million for the first quarter of fiscal 2023.  This is primarily a result of decreased Dan Post and Laredo work boot sales offset by an increase in military boot sales.  During the first quarter, we continued to have difficulty hiring and training qualified employees in our military boot manufacturing facility.  This, along with machinery delivery issues, resulted in a decrease in scheduled production for the U.S. Government military boot orders.  The company is working diligently to solve these production issues.\nConsolidated gross profit for the first quarter of fiscal 2023 am...