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McRae Industries reports Q2 YoY sales of $43 million

Apr '20
Pic: McRae Industries/ Laredo
Pic: McRae Industries/ Laredo
McRae Industries, a manufacturer and distributor of children's shoes, reported its consolidated net sales to $20.3 million in second quarter (Q2) fiscal 2020 ended on February 1, 2020 compared to revenue of $20.7 million in same period prior year. Net sales for Year-over-Year (YoY) were $42.9 million compared to $41.3 million in same period prior year.
YoY gross profit were $10.7 million compared to $9.8 million. Net earnings for the quarter were $576 thousand compared to $68 thousand in Q2 FY19. Net earning YoY were $1.5 million.
Sales of western/lifestyle boot products in Q2 FY20 were $12.7 million as compared to $12.2 million in same period prior year. Company reported that the increase in its net revenues is primarily a result of increased sales in its premium western boots sales. 
Revenues from work boot products decreased 13 per cent from $8.5 million in Q2 FY19 compared to $7.5 million in the reported quarter. This was reportedly a result of decreased sales in military boots and the John Deere brand.
The company further reported that during the past few weeks, it has been actively managing the fluid and rapidly developing Covid-19 situation. While Dan Post Boot company and McRae Footwear are currently operating under standard procedures at the moment, things are changing quickly and company is preparing for these changes, as reported. One such change has been a dramatic decrease in Dan Post Boot company orders over the past week which we expect to continue while the Covid-19 situation persists. 

Fibre2Fashion News Desk (JL)

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