R.G. Barry Corp. reported a profit decrease and a small sales uptick for its fiscal fourth quarter.
For the period ended June 29, the Pickerington, Ohio-based company said net income decreased 40.7 percent to $281 million, or 2 cents a diluted share, down from $474 million, or 4 cents, in the same period a year ago. Sales rose 1.9 percent to $25.5 million from $25 million in the year-ago period.
R.G. Barry has been working to eliminate weak businesses and fuel profitability across its portfolio. Accessories have been a key driver for the firm in the past few years. In 2011, the company acquired Baggallini handbags, and insole and comfort brand Foot Petals. For the fourth quarter, accessories contributed 21 percent to overall revenues.
Executives reiterated the long-term benefits of the acquisition and growth strategy.
“Looking to fiscal 2014, we expect to resume our pattern of increasing year-over-year revenue,” CEO Greg Tunney said in a statement. “In the non-promotional, full-price accessories business, we will target a growth rate in the mid-teens. The objective of our footwear segment will be to hit a year-over-year growth target in the low single digits, although at a higher level of profitability than in fiscal 2013. Our commitment to significant growth through acquisitions remains strong.”