Home / Knowledge / News / Fiscal 2010 - a great year, R.G. Barry CEO
Fiscal 2010 - a great year, R.G. Barry CEO
Sep '10
Accessory footwear and slipper marketer R.G. Barry Corporation reported net sales of $123.8 million and net after-tax earnings of $9.4 million for its 2010 fiscal year, ended July 3, 2010.

Fiscal Year 2010 Results

For the year, the Company reported:

• Net sales up 8.8 percent to $123.8 million, reflecting healthy sell-through across its diverse base of retailers;
• Net earnings up 34.4 percent at $9.4 million, or $0.86 per basic share and $0.85 per diluted share, compared to net earnings of $7.0 million, or $0.66 per basic share and $0.65 per diluted share one year ago.
• Gross profit as a percent of net sales increased to 41.5 percent from 38.2 percent one year earlier, principally as a result of increased sales volume in most channels, the sales of higher margin products and lower product costs; and
• Increased selling, general and administrative expenses to $36.6 million, or 29.6 percent of net sales, compared to $33.0 million, or 29.0 percent of sales a year ago, primarily reflecting higher spending in support of the Company's multi-year strategic marketing efforts and increased incentive bonus payments as a result of the Company's strong profitability for the year.

Quarterly Results
For the fourth quarter, net sales declined 9.1% to approximately $16.6 million versus the equivalent quarter last year. The decline reflected lower quarterly sales to one major customer, partially offset by increased spring business with several other key retailers.

Net loss for the quarter was approximately $1.6 million, or $0.15 per basic and diluted share, versus a net loss of $286,000, or $0.03 per basic and diluted share, in the comparable quarter one year ago. An approximate 1.0 percent decline in quarterly gross profit as a percent of net sales, largely related to a change in product mix for the quarter; and a 15.9 percent increase in SG&A expenses, chiefly related to increased incentive bonus payments, were the leading factors contributing to the increased quarterly loss versus one year ago.

The Company noted that its business is heavily seasonal, with more than 70 percent of its annual revenue generated between July and December. The June-ending quarter is its weakest reporting period, and has been profitable only twice in the past 30 years. Due to this highly seasonal performance, the Company generally encourages analysis of its business on an annual rather than quarterly basis to help smooth any seasonal or timing issues.

Financial Strength

The Company ended the fiscal year in a strong financial position.

• Cash and short-term investments were at $44.9 million, up from $39.2 million one year ago, generally as a result of increased profitability during fiscal 2010;
• Inventory, at $13.5 million, was up from its historically low level of $8.5 million at the end of fiscal year 2009, and at a level that the Company feels is more appropriate to support its growing business; and

Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Top executives
Textile industry

It will take some time for the people to change their buying choices

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Urs Stalder
Sanitized AG

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

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

news category

Related Categories:

Advanced Search