Holiday cheer came early to R.G. Barry Corp., which saw a surge in first-quarter profit for its fiscal 2011 year.
The Pickerington, Ohio-based firm’s net income for the period ended Oct. 2 advanced 81 percent to $4.1 million, or 37 cents a share, compared with $2.3 million, or 21 cents, in the same period a year earlier.
Revenue increased 23 percent to $36.3 million, thanks to early seasonal shipments to retailers, the company said.
Roughly 10 percent of first-quarter sales shipped earlier in the fall-winter cycle compared with last year, said Greg Tunney, president and CEO of R.G. Barry.
“We feel very good about the strong first-quarter sell-in, but sell-through during the Christmas season can have a significant impact on our annual rate of top-line growth and profitability. We are now focused on working closely with our key retailing partners to maximize our in-store performance and sell-through between now and Dec. 31,” Tunney said in a statement.
R.G. Barry’s focus on cost management also paid off. Its selling, general and administrative expenses fell 12 percent in the quarter as a direct result of efforts to make the corporate cost structure more efficient, said José Ibarra, the company’s CFO and SVP of finance.
The company had a cash balance of $23.2 million as of Oct. 2, up from $18.8 million last year.