Business
Phoenix Footwear Reports Second Quarter 2014 Results
Phoenix Footwear Reports Second Quarter 2014 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 Second Quarter and First Six months ended June 28, 2014.\n \n \n Second Quarter and First Six Months of Fiscal 2014\n \n \n \n Net sales from continuing operations for the second quarter increased \n $831,000 or 24.2% to $4.3 million compared to $3.4 million for the \n second quarter of fiscal 2013.\n \n \n Consolidated net loss from continuing operations for the second \n quarter was $375,000 or $0.05 per share compared to a net loss of \n $359,000 or $0.05 per share during the second quarter of fiscal 2013.\n \n \n Net sales from continuing operations for the first six months \n increased 8.1% to $10.0 million compared to $9.2 million for the first \n six months of fiscal 2013.\n \n \n Consolidated net loss from continuing operations for the first six \n months of fiscal 2013 increased to $195,000 or $0.03 per share \n compared to a net loss of $91,000 or $0.02 per share for the first six \n months of fiscal 2013.\n \n \n While the Company generated significant increases in revenue during \n the quarter, sales from sandals did not materialize as the Company had \n expected. As a result, the Company moved aggressively during the \n quarter to liquidate certain seasonal inventory which adversely \n impacted Gross Margins compared to the prior quarters.\n \n \n \n SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 2014\n \n \n For the quarter ended June 28, 2014, net sales increased by $831,000, or \n 24.2% to $4.3 million compared to $3.4 million for the second quarter of \n fiscal 2013. Net sales for the first six months of fiscal 2014 increased \n $752,000, or 8.1% to $10.2 million compared to $9.24 million for the \n first six months of fiscal 2013.\n \n \n The increase in net sales for the quarter and first six months of fiscal \n 2014 was primarily driven by sales of licensed footwear introduced \n during Spring 2014, together with increased sales to the Company’s \n internet and national retail customers.\n \n \n Gross margins for the second quarter of fiscal 2014 declined to 33.0% \n compared to 37.1% for the second quarter of fiscal 2013. Gross margin \n for the first six months of fiscal 2014 decreased to 35.2% compared to \n 37.0% for the first six months of fiscal 2013. Lower gross margins for \n the second quarter and first s...