February 7, 2008
Accessory footwear marketer R.G. Barry Corporation, the Dearfoams company, said that despite the weak holiday performance reported by some of its retailer customers, it experienced improved retail sell-through rates during the 2007 holiday season and it expects revenue and earnings for the 2008 fiscal year to fall within its previously issued guidance.
Reporting its second quarter and first half operating results for the period ended December 29, 2007, the Company said that its projected increase in net sales for the full fiscal year is expected to be in the lower end of its previously issued 4-to-8 percent range; and that the anticipated increase in income from continuing operations, before taxes and excluding the fiscal 2007 gain of $878,000 on the sale of land, is expected to be in the upper end of its previously issued 6-to-10 percent range.
The Company also reiterated that its operating results for the periods met its expectations and reflected a planned shift in its historic patterns of revenue and earnings performance from the first half to the second half of this fiscal year. The shift is principally related to the Company becoming the sole supplier of replenishment slippers for its largest mass-market customer.
For the second quarter of fiscal year 2008, the Company reported:
• Net earnings of $4.1 million or $0.39 per basic share and $0.38 per diluted share compared to $20.3 million or $2.03 per basic share and $1.96 per diluted share in the second quarter of fiscal 2007;
• Net sales of $38.6 million compared to $39.5 million reported for the corresponding period of fiscal 2007;
• Gross profit as a percent of sales increased in the quarter to 40.8 percent from 38.4 percent in the comparable quarter of fiscal 2007; and
• Selling, general and administrative expenses increased to $9.3 million versus $8.6 million in the equivalent period of fiscal 2007.
R.G. Barry Corporation
Source @ Fibre2fashion
