Phoenix Footwear Group, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 2, 2016
Phoenix Footwear Group Inc. reported unaudited consolidated earnings results for the first quarter ended April 2, 2016. Net sales decreased $1.2 million, or 17.5%, to $5.5 million for the first quarter of fiscal 2016 with the planned exit from a large national retailer and shift in the timing of sales for an occupational account and online retailer. Net loss was $198,000 or $0.02 per share for the first quarter of fiscal 2016 compared to a net loss of $39,000 or $0.01 per share for the first quarter of fiscal 2015. The decrease in net sales for the first three months of fiscal 2016 was comprised of a planned decrease in sales to a large national retailer, and a shift in the timing of sales to an occupational account and online retailer, together with an increase in the returns reserve resulting from a change in the channel sales mix. The company reported an operating loss of $198,000 or $0.02 per share for the first quarter ended April 2, 2016 compared to a loss from continuing operations of $39,000 or $0.01 per share for the first quarter ended April 4, 2015.