RG Barry Q1 Slips

R.G. Barry Corp.’s fiscal year is off to a challenging start as the firm saw first-quarter sales and profit lose ground.

For the quarter ended Sept. 29, the Pickerington, Ohio-based firm earned a net income of $6.1 million, or 54 cents a share, an 11 percent decrease from $6.9 million, or 61 cents, in the same period a year ago.

Revenue slipped 6 percent to $47.2 million, from $50.2 million, and expenses remained relatively flat.

Footwear sales for the quarter fell about 10 percent to $38.2 million, while accessories sales rose 11.2 percent to about $9 million, the firm said.

Greg Tunney, president and CEO of RG Barry, said in statement that results were in line with previous expectations.

“Footwear remains our largest business. As we enter the critical holiday selling season, we are enthusiastic about our prospects. We have continued building upon our legacy of category leadership and remain confident that the fresh, new products flowing onto our customers’ shelves will meet or exceed expectations for the upcoming season and beyond,” he said.
 
Jose Ibarra, SVP and CFO, added that increased footwear sales in newer retail channels, such as catalogs, dot-coms and home shopping, helped offset a portion of the softness experienced in more traditional channels.

The firm had $14.6 million in cash and short-term investments at the end of the period, and long-term debt of $19.3 million.