Home / Knowledge / News / R.G. Barry CFO pleased with strength of H1 performance
R.G. Barry CFO pleased with strength of H1 performance
10
Feb '10
Accessory footwear marketer R.G. Barry Corporation reported a 36.0 percent increase in net earnings on a 13.8 percent increase in net sales for its second quarter, ended January 2, 2010.

For the quarter, the Company reported:

• Net earnings of $8.2 million or $0.76 per basic share and $0.74 per diluted share compared to $6.1 million, or $0.57 per basic share and $0.56 per diluted share, in the second quarter of fiscal 2009;
• Net sales of $55.6 million compared to $48.9 million reported for the corresponding period of fiscal 2009;
• Gross profit as a percent of net sales in the quarter was 43.1 percent versus 39.5 percent in the comparable quarter of fiscal 2009; and
• Selling, general and administrative expenses of $10.8 million were down fractionally as a percentage of net sales but up $1.1 million versus the equivalent quarter of fiscal 2009, as detailed in the management comments portion of this news release.

For the first half, the Company reported:

• Net earnings of $10.5 million, or $0.97 per basic and $0.96 per diluted share, versus net earnings of $7.2 million, or $0.67 per basic and diluted share, in the comparable period one year ago;
• Net sales for the period rose 14.0 percent to $85.0 million versus $74.5 million in the first half one year ago;
• Gross profit as a percent of net sales increased to 42.6 percent from 39.5 percent in the comparable six months of fiscal 2009; and
• Selling, general and administrative expenses were $19.6 million, up $1.3 million versus the comparable period last year, but down 150 basis points as a percentage of net sales for the half, as detailed in the management comments portion of this news release.

The balance sheet continues to reflect the benefits of the Company's flexible business model and growth strategies.

• Cash and short-term investments increased to $37.4 million, up $9.5 million from one year ago.
• Inventory was $16.9 million, up $1.9 million from one year ago; and
• Net shareholders' equity increased to $57.3 million from $53.6 million at the end of the second quarter of fiscal 2009.

Management Comments

"We continue executing at a level that places us among the best in our industry," said Greg Tunney, President and Chief Executive Officer. "Our year-over-year, double-digit net sales increase and higher profitability stem from the strong sell-through we experienced across most retail channels during our first half. We take great pride in the fact that this healthy performance is being measured against our results from the equivalent period last year, which were among the best reported in our sector. We view today's results as a reaffirmation of the ability of our business model to adapt and perform well, even during uncertain economic times."

"We are very pleased with the strength of our first-half performance," added Jose Ibarra, Senior Vice President Finance and Chief Financial Officer. "The benefits of lower product costs, resulting primarily from the increased availability of manufacturing capacity and lower oil prices, have allowed us to achieve a first half gross profit percentage of net sales that is above our 40 percent annual target.

"Our selling, general and administrative costs, while up on a dollar basis, are slightly lower as a percentage of net sales for both the quarter and half. These increased overhead dollars principally reflect our increased investment in advertising and marketing for the Dearfoams brand. We will offset some of this investment spending by continuing to take advantage of operational efficiencies elsewhere in the business," Mr. Ibarra said.

R.G. Barry Corporation


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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

January 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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

Active Poll

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

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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