RG Barry Corporation Q1 net loss narrows, sales static
10 May '06
3 min read
"As we have previously reported, we have undertaken several strategic initiatives over the past year in order to generate sustainable, profitable growth. The first quarter reflected some of that growth, although it was masked by the two previously mentioned factors. For the first half of 2006, we are estimating sales will be down by about 3 percent versus last year due to these two factors and a favorable adjustment to first half 2005 sales of $1.1 million from a reversal of certain reserves. Without the new sales resulting from our strategic initiatives, we would be estimating sales for the first half to be down by more than 10 percent.
"While we believe sales to the two specific customers mentioned above will remain below last year's levels in the second half of 2006, we expect to report an increase in consolidated net sales for the full year of 2006 in the neighborhood of 5 percent, based upon our current fall/winter 2006 order position. Of course, our sales are heavily dependent on the robustness of the holiday selling season, and any substantial negative influences on holiday sales could impact our final sales results," Von Lehman said.
RG Barry Corporation, the Dearfoams company, is one of the world's leading developers and marketers of comfort footwear for at and around the home.
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