Home / Knowledge / News / Stronger demand in work & outdoor markets, LaCrosse
Stronger demand in work & outdoor markets, LaCrosse
02
Feb '10
LaCrosse Footwear, Inc. a leading provider of premium, branded footwear for work and outdoor users, reported results for the fourth quarter and year ended December 31, 2009.

For the fourth quarter of 2009, LaCrosse reported net sales of $42.5 million, up 21% from $35.1 million in the fourth quarter of 2008. The 2009 results represent record quarterly sales for the Company. For the full year 2009, net sales were $139.2 million, up 9% from $128 million in 2008.

Net income was $2.3 million or $0.36 per diluted share in the fourth quarter of 2009, up 96% from $1.2 million or $0.18 per diluted share in the fourth quarter of 2008. For the full year 2009, net income was $5.5 million or $0.86 per diluted share, compared to $6.2 million or $0.96 per diluted share for the same period in 2008.

Sales to the work market were $25.2 million for the fourth quarter and $88.2 million for the full year of 2009, up 25% and 18%, respectively, from the same periods of 2008. The growth in work sales primarily reflects continued expansion into various areas of the U.S. military. Sales to the outdoor market were $17.3 million for the fourth quarter of 2009, up 16% from the same period of 2008, reflecting stronger at-once demand during the quarter across a number of outdoor boot categories. For the full year 2009, outdoor sales were $51 million, down 4% from 2008, reflecting softness in the overall retail environment throughout the first three quarters of 2009.

The Company maintained strong margins. Gross margins were 38.4% of net sales for the fourth quarter and 38.9% for the full year of 2009, compared to 38.6% and 39.6%, respectively, in the same periods of 2008. The year-over-year decrease in gross margin primarily reflects the impact of a greater portion of revenue coming from military shipments and cost increases associated with key rubber styles.

For the full year 2009, operating expenses represented 32.7% of net sales, compared to 31.7% in 2008. The increase reflects higher costs related to the establishment of the new Midwest distribution center and the Company strengthening its sales and marketing organization in Europe and North America.

The Company continued to strengthen its balance sheet. At the end of 2009, LaCrosse had record cash and cash equivalents of $17.7 million, up 30% from the end of 2008, even after making investments of $2.7 million in its new Midwest distribution center and paying dividends of $3.2 million to its shareholders during 2009. Total inventory at year end was $27.0 million, down from $28.6 million in 2008. The $1.6 million year-over-year reduction in inventory primarily reflects the Company's focus on improving inventory management, despite the significant growth in domestic production for the Company's expanded military business.

“We're very pleased with our strong sales and earnings growth in the fourth quarter of 2009, driven by increased demand across work and outdoor markets,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “Throughout the year, we continued to see strong demand from various branches of the U.S. military, reflecting the proven durability and performance of our premium footwear in demanding terrain. While 2009 was a challenging year for retail sales, we saw stronger at-once demand from new and longstanding retail channels during the fourth quarter, reflecting the improving economic environment and the success of our new products.


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X