Business
Phoenix Footwear Reports First Quarter 2013 Results
Phoenix Footwear Reports First Quarter 2013 Results.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"Phoenix Footwear \nReports first Quarter 2013 results\n \n \nCARLSBAD, Calif., May 09, 2013 -- Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the First quarter ended March 30, 2013.\n \n \nFirst Quarter 2013\n \nØ Gross sales increased $496,500 or 7.9% to $6.7 million compared to $6.3 million for the first quarter of fiscal 2012\nØ Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first three months of fiscal 2013 improved to $510,000 compared to $484,000 for the first three months of fiscal 2012. \nØ Net sales from continuing operations for the first quarter increased $92,000 or 1.6% to $5.8 million compared to $5.7 million for the first quarter of fiscal 2012.\nØ Consolidated net earnings from continuing operations for the first quarter was $268,000 compared to net earnings of $261,000 in the first quarter of fiscal 2012.\n \n \n \nFor the quarter ended March 30, 2013, net sales increased to $5.8 million or 1.6% from $5.7 million when compared to the first quarter of fiscal 2012. Gross sales for the first quarter of fiscal 2013 increased $496,500 or 7.9% to $6.7 million compared to $6.3 million for the first quarter of fiscal 2012. \n \nThe increase in gross sales for the period was largely driven by a 34.3% increase in pairs sold to internet based retailers when compared to the first quarter of 2012. Similar to the Company’s own direct to consumer e-commerce sales, the rate of product returns for these internet based customers is significantly higher than for its other customers. As a result, the Company has substantially increased its provision for returns as sales to these internet customers continues to grow.\n \nGross profit margin for the first quarter of 2013 declined to 36.9% compared to 37.5% for the first quarter of fiscal 2012. The decrease is the gross profit margin for the quarter was mostly associated with the clearance of discontinued and closed-out styles during the period and a 2.1% increase in the standard unit cost that was partly offset by a 2.2% increase in the average unit wholesale and 5.2% increase in the volume of full-priced pairs sold.\n \nSelling, general and administrative expenses or SG&A, totaled $1.68 million for ...