Carlsbad, CA–Phoenix Footwear Group, maker of Trotters and SoftWalk, has seen its losses widen during the second quarter, blaming lower margins and higher costs.
The company’s net loss amounted to $375,000 for the three months to June 28, compared to a loss of $368,000 in the same period of the prior year.
Net sales, however, jumped 24.2% to $4.3 million from $3.4 million a year ago. The increase was driven by sales of licensed footwear introduced in spring, together with increased sales to the group’s internet and national retail customers.
But sandal sales did not materialize as the company had expected during the quarter. As a result, Phoenix moved aggressively to liquidate certain seasonal inventory, which adversely impacted gross margins.
Gross margins declined to 33% from 37.1% last year, due to higher sales of off-priced goods, and sales of lower margin licensed footwear. Selling, general and administrative expenses increased 9.4% to $1.59 million from $1.45 million a year ago.
During the first six months of the year, the company’s loss widened to $204,000 from $109,000 last year, while net sales increased 8.1% to $10 million against $9.2 million in the prior year.
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