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Footwear marketer R.G. Barry's net sales down $1.4mn for Q1 2005

May '05
A leading footwear marketer, R.G. Barry Corporation announces its operating results for the first quarter ended April 2, 2005.

"Slipper Marketer's Performance Continues to Improve Under New Operating Model"

In the first quarter, the Company reported:
A net loss of approximately $901,000, or $0.09 cents per share, compared to a net loss of $14.2 million, or $1.44 per share, in the first quarter of 2004.

Quarterly net sales were approximately $17.0 million, down $1.4 million from about $18.4 million in net sales reported for the first quarter of 2004. Most of the net sales decline resulted from a relatively flat retail environment during the first quarter.

Gross profit as a percent of net sales rose to 40.2 percent compared with 29.9 percent in the comparable period of 2004. Elimination of in-house manufacturing, a shift to 100 percent outsourcing of products and higher margins year-over-year on closeout goods sold during the quarter were the principal reasons for this improvement.

Restructuring and asset impairment charges were approximately $241,000 compared to restructuring and asset impairment charges of about $8.3 million in the comparable period of 2004. Substantially all of the restructuring and asset impairment charges from both periods are related to the Company's exit from in-house manufacturing and implementation of its new business model.

Selling, general and administrative expenses declined in the first quarter to approximately $7.4 million from approximately $11.2 million in the comparable period of 2004. While the Company's first quarter 2004 SG&A expenses included a $1.1 million curtailment loss, a significant portion of the year-on-year expense reduction occurred in areas such shipping costs, which directly benefited from the new business model.

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