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McRae Industries Q3 FY20: sales $14 mn; net loss $0.5 mn

Jul '20
Pic: McRae Industries/ Dan Post
Pic: McRae Industries/ Dan Post
McRae Industries, a US-based manufacturer of combat boots and western footwear, has reported decline in its net sales to $14.3 million in the third quarter (Q3) FY20 ended on May 2, 2020, compared to sales of $18.6 million in same period last year. Company incurred a net loss of $0.5 million compared to earnings of $0.4 million in Q3 FY19.
Gross profit for Q3 FY20 decreased to $2.7 million (Q3 FY19: $4.2 million) due to decline in sales, as well as the production inefficiencies created by the coronavirus and increased healthcare cost, as company stated in a press release. Selling, general and administrative expenses fell from $3.8 million in Q3 FY19 to $3.4 million in the reported quarter. Operating loss for the quarter were $0.7 million compared to operating profit of $0.4 million in Q3 FY19.
Company further stated that the sales related to its western/lifestyle boot products were $6.5 million ($9.6 million) for Q3 FY20. This was reportedly driven by a decline across all brands due to the coronavirus pandemic, which especially had an impact on McRae’s popular priced western boots sales. Revenues from company's work boot products dropped to $7.6 million ($8.8 million) primarily due to decreased sales in military boots and the John Deere brand, offset by an increase in our Dan Post brand.
In the month of April, McRae Footwear reported production in some departments down by 40 per cent from the previous month due to absenteeism related to Covid-19. Company expects the fourth quarter of fiscal 2020 to also be challenging for McRae Footwear.

Fibre2Fashion News Desk (JL)

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