Home / Knowledge / News / Fiscal 2010 - a great year, R.G. Barry CEO
Fiscal 2010 - a great year, R.G. Barry CEO
09
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

Textiles | On 23rd Aug 2017

US govt initiates Section 301 investigation of China

The US government has initiated an investigation of China under...

Apparel/Garments | On 23rd Aug 2017

BRC welcomes clarity on goods flow during Brexit

British Retail Consortium (BRC) has welcomed the greater clarity that ...

Textiles | On 23rd Aug 2017

Pakistan minister seeks ideas to boost textile sector

The Pakistani Government will come out with short- and long-term...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ashok Desai
Bombay Textile Research Association

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

August 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

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
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

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
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

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
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


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