Home / Knowledge / News / Fashion / Work sales up 26% at LaCrosse Footwear
Work sales up 26% at LaCrosse Footwear
28
Jul '09
LaCrosse Footwear Inc, a leading provider of work and outdoor footwear, reported results for the second quarter ended June 27, 2009.

For the second quarter of 2009, LaCrosse reported consolidated net sales of $30.0 million, up 8% from $27.8 million in the second quarter of 2008. For the first half of 2009, consolidated net sales were $55.9 million, up 6% from $52.5 million in the same period of 2008.

Net income was $1.7 million or $0.26 per diluted share in the second quarter of 2009, net income was up 15% and earnings per common share were up 18% from $1.4 million or $0.22 per diluted share in the second quarter of 2008. For the first half of 2009, net income was $1.0 million or $0.15 per diluted share, down from $2.2 million or $0.35 per diluted share for the same period in 2008.

Sales to the work market were $21.8 million for the second quarter of 2009, up 26% from $17.4 million for the same period of 2008. The growth in work sales reflects continued penetration into various branches of the U.S. military. Sales to the outdoor market were $8.1 million for the second quarter of 2009, down from $10.5 million for the same period of 2008, reflecting continued softness in the overall retail environment.

For the second quarter of 2009, gross margins were a record 40.8% of net sales, up from 40.4% in the same period of 2008. The increase in gross margins was primarily due to lower markdown sales in the quarter and improved production efficiencies in the Company's domestic factory.

LaCrosse's operating expenses were $10.2 million in the second quarter of 2009, up $1.3 million from the second quarter of 2008. The year-over-year increase was primarily driven by certain one-time costs associated with the transition to the Company's new Midwest distribution center of $0.5 million. The balance of the increase was primarily due to the Company's strategic initiatives related to its European operations and the formation and operation of its recently acquired brand, Environmentally Neutral Design Outdoor, Inc. (“END”).

The Company continued to maintain a strong balance sheet with no debt. At the end of the second quarter of 2009, LaCrosse had cash and cash equivalents of $5.1 million, which includes cash used during the quarter for the purchase of substantially all the assets of END for $0.4 million. The Company's year-over-year increase in inventories included $2.5 million to support the Company's European subsidiary, $1.7 million to support the increased domestic production of its military business, and $3.6 million to support the strategic decision to accelerate the delivery of certain core products in preparation for anticipated sales in the second half of the year.

“While retail demand remained weak across different market segments and geographic regions, we continued to grow our revenue, and invest in the long-term strength of our business,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “We continued to win more business with various branches of the U.S. military. Our success reflects a sustained commitment to work closely with our military customers and fulfill their demand for premium footwear with proven durability and performance in the field.


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

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

news category


Related Categories:

Advanced Search