RG Barry Q2 Jumps

RG Barry Q2 Jumps
Greg Tunney

R.G. Barry Corp.’s second-quarter income surged, thanks to strong footwear sales throughout the holiday.
 
For the period ended Dec. 31, 2011, the Pickerington, Ohio-based firm earned a net income of $6.4 million, or 56 cents a share, representing a 47.3 percent improvement over $4.3 million, or 38 cents, the same quarter a year ago.
 
Net sales advanced 12 percent to $55.6 million, from $49.7 million.
 
“Footwear, which is the largest component of our business and heavily tied to Christmas selling, fully met our revenue and profit expectations,” Greg Tunney, president and CEO of R.G. Barry, said in a statement. “We also benefited from the accretive nature and richer margins of our accessories business units, which performed as we had planned.”
 
Tunney added that the firm, after successfully refocusing its core business on the Dearfoams brand and fully integrating last year’s Foot Petals and Baggallini acquisitions, continues to look for deals.
 
“We have now reinitiated our search for accessories category businesses that can help us achieve our long-term growth and profitability objectives. We have the financial structure and business discipline to [do so],” he said.
 
R.G. Barry’s first-half income surged 57.3 percent to $13.2 million, or $1.17 a share, from $8.4 million, or 75 cents, a year ago. Revenue increased 23.2 percent to $105.8 million, on the back of footwear sales rising 4.8 percent in the period.
 
The firm ended the quarter with cash and short-term investments of $36.2 million, compared with $45.6 million a year ago.