R.G. Barry Corp. bumped up its bottom line in the third quarter.
For the period ended March 31, the Pickerington, Ohio-based firm earned $834,000, or 7 cents a share, up from a slight loss of $42,000, or zero cents, in the same period a year ago.
Net sales increased 24.9 percent to $25.1 million, from $20.1 million in the year-ago quarter.
For the fiscal year to date, footwear revenues have risen 3.4 percent to $107.2 million, from $103.7 million. Revenue from accessories, which include Foot Petals and Baggallini — companies acquired in January and March last year, respectively — total $23.8 million.
“Both segments of our business are performing at or above our expectations despite the mixed retail and economic environments,” Greg Tunney, president and CEO of R.G. Barry, said in a statement. “We plan to continue increasing our strategic investments in our existing businesses and seeking out and acquiring successful, category-appropriate brands with our long-term objectives in mind.”
Jose Ibarra, CFO and SVP of finance, said, “Growth in the department store and mass
channels of our footwear business, along with the operating performance of the accessories segment, has increased our confidence that the current business model will allow us to achieve our financial goals.”
At quarter’s end, the firm had cash and short-term investments of $40.2 million, up from $28.4 million a year ago.