Footwear and accessories manufacturer RG Barry has reported a 40.7% decline in earnings during the fourth quarter, offsetting a slight increase in total sales.
“We plan to meet future marketplace challenges with superior products, excellent performance and continuing investment in strengthening and expanding our portfolio of great accessories brands,” said president and CEO Greg Tunney.
During fiscal 2014, the company plans to report sales growth in the mid-teens for its full-price accessories businesses and to see its footwear segment post a gain in the low single digit range.
The news comes after full-year earnings declined 8.3% to $13.3 million from $14.5 million in the same period last year, reflecting a $15 million decline in footwear sales. Sales fell 5.8% to $147 million from $156 million, while gross profit improved 40 basis points to 43.5% from 43.1% in the prior year.
“Our commitment to significant growth through acquisitions remains strong. We have continued to fine-tune our approach and have broadened the scope of our search to include prospects in select international markets and additional business categories that we believe will fit well with our model and filter,” Tunney added.
“We also have created a full-time internal position to support our M&A efforts. We remain very confident that our next growth milestone of becoming a $200-$250 million company in three to five years can and will be achieved.”
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