Home / Knowledge / News / Fashion / R.G. Barry profit slips in first quarter
R.G. Barry profit slips in first quarter
Nov '08
R.G. Barry Corporation reported operating results for the first quarter of fiscal 2009 that, while below results reported in the equivalent period one year ago, were in line with Company expectations and its previously issued sales guidance for the full 2009 fiscal year.

The accessories footwear marketer said that a shift in the anticipated timing of shipments to retailers from late in its first quarter to early in its second quarter negatively impacted first quarter net sales by approximately $6.5 million.

The Company expects the first quarter net sales shortfall to be recovered in the second quarter, based upon shipments to retailers since the end of first quarter, its open order position and its retail sell-through rates to date. The Company continues to expect to finish the 2009 fiscal year with revenue approximately flat to revenue reported for fiscal 2008.

For the period ended September 27, 2008, the Company reported: • Net earnings of $1.1 million, or $0.10 per basic and diluted share, down from net earnings of $3.8 million, or $0.36 per basic share and $0.35 per diluted share in the first quarter of fiscal 2008; Net sales of $25.6 million versus net sales of $32.1 million reported for the corresponding period one year ago; and Gross profit as a percent of sales at 39.6 percent was down from 43.8 percent reported in the first quarter of fiscal 2008.

The Company's balance sheet continued to reflect its strong overall financial health: Cash, cash equivalents and short-term investments of $9.6 million were up from $1.3 million one year ago; Inventory of $25.5 million was up from $21.4 million at the end of the first quarter of fiscal 2008, principally reflecting the timing issues related to first quarter shipments; and Net shareholders' equity was $47.2 million, up from $39.7 million in the comparable period last year.

Management Comments
“This quarter is a perfect illustration of why we caution people to avoid measuring us quarter-to-quarter. Our business is highly seasonal and best analyzed on an annual basis,” said Greg Tunney, President and Chief Executive Officer. “A planned shift of just a week or two in the timing of some early holiday shipments negatively skewed our first quarter results."

"In reality, our business is good. Our shipments to retailers are on time and our sell-through at retail has been healthy thus far in fiscal 2009. We expect the timing issue that negatively influenced the results of the first quarter to be reversed in the second quarter and for it to have a minimal impact on our stated expectations for the full fiscal year."

“The contraction in our gross profit as a percentage of quarterly net sales was anticipated and principally reflected the impact of increases in the price of oil and a strengthening of the Chinese Yuan against the Dollar. We have addressed this issue and expect our gross profit as a percent of net sales to improve over the remainder of this year, returning to approximately 40 percent in fiscal year 2010.

Must ReadView All

Global lingerie market expected to reach $55 bn by 2024

Apparel/Garments | On 15th Oct 2018

Global lingerie market expected to reach $55 bn by 2024

Global lingerie market in 2015 was worth $33 billion and is expected...

Indian textiles minister assures Manipur sector support

Textiles | On 15th Oct 2018

Indian textiles minister assures Manipur sector support

Indian textiles minister Smriti Irani recently assured Manipur state...

Courtesy: Huntsman

Textiles | On 15th Oct 2018

Huntsman Textile Effects & Chemours expand alliance

Huntsman Textile Effects and Chemours are set to expand their...

Interviews View All

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Pierre Wiertz, EDANA

Pierre Wiertz

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

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

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search