Tuesday, Phoenix Footwear Group Inc. (PXG), reported net loss for the second quarter of fiscal 2008, wider than net loss reported in the same quarter last year, negatively impacted by a slowing and weaker economy and softer retail market. Net sales were also down during the period, and the company today said it would not be able to meet its earlier projected guidance of earnings and revenue for fiscal 2008.
The Carlsbad, California-based textile and footwear manufacturing company recorded a net loss of $2.16 million or $0.26 per share, wider than net loss of d to $0.93 million or $0.12 per share in the same period last year.
Net sales were down 9.5% to $17.92 million from $19.81 million in prior-year's quarter. The downslide was partially offset by a 12% sales growth in the company's Tommy Bahama brand sales.
For the first-half, the company posted a net loss of $2.44 million or $0.30 per share, higher than the loss of $0.52 million or $0.06 per share last year. Net sales declined to $39.92 million from $41.14 million in prior-year's period.
The company has now retracted its earlier fiscal year guidance for earnings and revenues, citing an unusual softer retail market for the reason to pull back. However, they expect a turn to profit in the fourth quarter and sales growth of approximately 5% to 10% for the full year.
Commenting on the results, Phoenix Footwear's Chairman Jim Riedman said, "We believe we have the right foundation in place and will return to profitability and positive organic growth during the second half of 2008".
PXG ended its Tuesday trade at $1.10, down 5.17%, on an average volume of 3,959 shares on the AMEX.
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