Business
Phoenix Footwear Group, Inc. Announces Q1 2016 Results
Phoenix Footwear Group, Inc. Announces Q1 2016 Results.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"Phoenix Footwear Reports first Quarter 2016 results\n \nCARLSBAD, Calif., May 11, 2016 -- Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the first quarter ended April 2, 2016.\n \nFirst Quarter 2016\n \nØ Net Sales decreased $1.2 million, or 17.5%, to $5.5 million for the first quarter of fiscal 2016 with the planned exit from a large national retailer and shift in the timing of sales for an occupational account and online retailer. \n \nØ Gross profit as a percentage of net sales improved 240 basis points to 38.0% from 35.6% help by the reduction of allowances and discounts provided to a large national retailer.\n \nØ Net loss of $198,000, or $0.02 per share for the first quarter of fiscal 2016 compared to a net loss of $39,000 or $0.01 per share for the first quarter of fiscal 2015. Interest expense for the first quarter of 2015 included nonrecurring prepayment and other refinancing costs of $167,000 incurred with the entry into a new loan and security agreement.\n \n \nFirst Quarter 2016\n \nFor the first quarter of fiscal 2016 ended April 2, 2016, net sales decreased 17.5%, or $1.2 million, to $5.5 million from $6.7 million when compared to the first quarter of fiscal 2015 ended April 4, 2015. The decrease in net sales for the first three months of fiscal 2016 was comprised of a planned decrease in sales to a large national retailer, and a shift in the timing of sales to an occupational account and online retailer, together with an increase in the returns reserve resulting from a change in the channel sales mix.\n \nGross profit for the first quarter of fiscal 2016 decreased $285,000 or 12.0% to $2.1 million from $2.4 million when compared to the first quarter of fiscal 2015. Gross profit as a percentage of net sales for the first quarter of fiscal 2016 improved to 38.0% compared to 35.6% for the first quarter of fiscal 2015. The 240 basis point increase in the gross profit as a percentage of net sales was primarily associated with a decrease in allowances and discounts provided to a large national retailer. \n \nSelling, general and administrative expenses or SG&A, increased by $50,000 during the first quarter of fiscal 2016 to $2.15 million compared to $2.10 million for first quarter of fiscal 2015. SG&...