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Phoenix Footwear reports Royal Robbins brand sales strong in Q3

05
Nov '05

Women's casual & dress shoes seller Phoenix Footwear Group Inc announced consolidated results for the third quarter ended October 1, 2005.

Net sales for the third quarter ended October 1, 2005 increased 47.9 percent to $34.3 million compared to $23.2 million for the third quarter of 2004. The strong top-line growth was primarily attributable to $11.7 million, or 34.1 percent of total sales, generated by the Company's two recently acquired brands, Chambers and Tommy Bahama.

The Company reported flat organic growth, as the increase in the Royal Robbins' brand was offset by declines in the other legacy brands. Net income for the third quarter was $981,000, or $0.12 per diluted share, on 8.4 million of weighted-average shares outstanding, compared to net income of $1.7 million, or $0.24 per diluted share, on 7.3 million weighted-average shares outstanding, for the comparable quarter a year ago.

Commenting on the quarter, Jim Riedman, Phoenix Footwear's Chairman stated that they are pleased with the Company's top-line growth. During the quarter, they made progress integrating the acquisitions of the Chambers Belt Company and Paradise Shoe Company, which both had a positive impact on their top and bottom line performance.

Richard White, Phoenix Footwear's Chief Executive Officer, added that while the top-line performance in the quarter was impressive, the organic growth was below their expectations. The third quarter results for Phoenix Footwear's three casual footwear brands, SoftWalk, Trotters and H.S. Trask, were all negatively impacted by the previously disclosed loss of the Dillard's department stores account.

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