Business
Phoenix Footwear Reports First Quarter 2016 Results
Phoenix Footwear Reports First Quarter 2016 Results.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"\n \n Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported \n results for the first quarter ended April 2, 2016.\n \n \n First Quarter 2016\n \n \n \n Net Sales decreased $1.2 million, or 17.5%, to $5.5 million for the \n first quarter of fiscal 2016 with the planned exit from a large \n national retailer and shift in the timing of sales for an occupational \n account and online retailer.\n \n \n Gross profit as a percentage of net sales improved 240 basis points to \n 38.0% from 35.6% helped by the reduction of allowances and discounts \n provided to a large national retailer.\n \n \n Net loss of $198,000, or $0.02 per share for the first quarter of \n fiscal 2016 compared to a net loss of $39,000 or $0.01 per share for \n the first quarter of fiscal 2015. Interest expense for the first \n quarter of 2015 included nonrecurring prepayment and other refinancing \n costs of $167,000 incurred with the entry into a new loan and security \n agreement.\n \n \n \n First Quarter 2016\n \n \n For the first quarter of fiscal 2016 ended April 2, 2016, net sales \n decreased 17.5%, or $1.2 million, to $5.5 million from $6.7 million when \n compared to the first quarter of fiscal 2015 ended April 4, 2015. The \n decrease in net sales for the first three months of fiscal 2016 was \n comprised of a planned decrease in sales to a large national retailer, \n and a shift in the timing of sales to an occupational account and online \n retailer, together with an increase in the returns reserve resulting \n from a change in the channel sales mix.\n \n \n Gross profit for the first quarter of fiscal 2016 decreased $285,000 or \n 12.0% to $2.1 million from $2.4 million when compared to the first \n quarter of fiscal 2015. Gross profit as a percentage of net sales for \n the first quarter of fiscal 2016 improved to 38.0% compared to 35.6% for \n the first quarter of fiscal 2015. The 240 basis point increase in the \n gross profit as a percentage of net sales was primarily associated with \n a decrease in allowances and discounts provided to a large national \n retailer.\n \n \n Selling, general and administrative expenses or SG&A, increased by \n $50,000 during the first quarter of fiscal 2016 to $2.15 million \n compared to $2.10 million for the first quarter of fiscal 2015. SG&A as \n a percentage of net sales increased to 39.0%...