LaCrosse Footwear Inc. turned a surprising $1.7 million profit in the second quarter, surpassing Wall Street’s expectations for the Portland, Ore.-based company.
LaCrosse’s earnings were up 18 percent, to 26 cents a diluted share, for the quarter ended June 27, versus a net income of $1.4 million, or 22 cents, for the second quarter last year. Sales were up 8 percent to $30 million, from $27.8 million in the year-ago period.
Analysts had expected LaCrosse to turn in a loss of 1 cent a share for the second quarter, on sales of $29.5 million.
Although sales in the company’s work group grew 26 percent to $21.8 million for the period, LaCrosse had less success with the outdoor sector, where sales fell 23 percent to $8.1 million.
“While retail demand remained weak across different market segments and geographic regions, we continued to grow our revenue and invest in long-term strength of our business,” Joseph Schneider, the company’s president and CEO, said in a statement.
Net income for the first six months of 2009 was down 55 percent to $1 million, or 15 cents a diluted share, versus $2.2 million, or 35 cents, last year. Sales for the first half totaled $55.9 million, up 6 percent from the year-ago period.