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

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Rajiv Sirohi

‘Portugal is taking away a major share of the mill made sector.’

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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


news category

Related Categories:
June 2017

June 2017

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


Browse Our Archives


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