R.G. Barry Corp., the maker of Dearfoams slippers, reported an earnings loss for both the fourth quarter and the fiscal year, but managed to post an increase in sales for 2009.
The company recorded a loss of $286,000, or $0.03 a diluted share, for the fourth quarter ended June 27, compared with a profit of $729,000, or $0.07 a share, for the same period in 2008. Net sales for the quarter decreased 2 percent to $18.2 million, from $18.6 million the previous year.
For the full year, earnings fell 29 percent to $7 million, or $0.65 a diluted share, compared with $9.8 million, or $0.92 a share, a year ago. Revenues for the year increased 4 percent to $113.8 million, from $109.5 million in 2008.
R.G. Barry President and CEO Greg Tunney said in a statement that the drop in profit was expected because of “tight manufacturing capacity in China and skyrocketing oil prices.” He added, “For our fiscal 2010 buying cycle, oil prices have returned to more traditional levels, manufacturing capacity has loosened, and we expect our fiscal 2010 gross profit percentage to return to a more traditional level.”