R.G. Barry Corp.’s third-quarter profit surged 84.8 percent, buoyed by its accessories segment.
For the period ended March 30, the Pickerington, Ohio-based firm earned $1.5 million, or 13 cents a share, compared with $800,000, or 7 cents, in the same period a year ago. Total revenue advanced 2.7 percent to $25.8 million, from $25.1 million.
Gross profit margin expanded by 130 basis points to 45.9 percent.
Footwear segment sales fell 4.1 percent to $16.4 million in the quarter, the firm said, due to fewer shipments to mass and off-price customers. Accessories segment sales rose 17.3 percent to $9.4 million.
“The strong performance of our accessories segment … combined with benefits realized by eliminating underperforming components of our footwear business, adds to the viability of our evolving business model and positions us for significant growth in the next three to five years,” R.G. Barry President and CEO Greg Tunney said in a release.
He added, “We are focused on the strategies that will drive long-term, profitable growth. We are investing in our platforms and our people. We are expanding into new and underserved markets. And we are seeking out and acquiring successful accessories brands that can help propel us to the next level.”
The company’s cash and short-term investment balance increased by 11.4 percent to $44.8 million at the end of the period.