A 15 percent jump in revenues led footwear accessories maker R.G. Barry Corp. to a more than twofold rise in first-quarter net income.
Earnings rose to $2.3 million, or 21 cents, up from $1.1 million, or 10 cents, the prior year. Revenues totaled $29.5 million versus $25.6 million a year ago.
“As today’s results indicate, our performance thus far in fiscal 2010 has exceeded our most optimistic expectations,” Greg Tunney, R.G. Barry’s president and CEO, said in a written statement released Tuesday. “Early sell-through at retail has been very healthy, and we have not seen the order delays and cancellations so common to many retail sectors at this time of the year. Our model continues to perform well despite the challenging retail landscape and uneven macroeconomic environment.”
Tunney said the firm expects to see modest revenue growth for full-year 2010 based on the expectation that the firm’s products will sell at or above last year’s levels.