LaCrosse Footwear, Inc. reported consolidated net sales of $35.1 million for the 2008 fourth quarter, up 8% from $32.7 million in the fourth quarter of 2007. For the full year 2008, consolidated net sales were $128.0 million, up 8% from $118.2 million in 2007.
Net income was $1.2 million, or 18 cents per diluted share, in the fourth quarter, compared to $2.4 million, or 38 cents per diluted share, in the year-ago period. For the full year 2008, net income was $6.2 million, or 96 cents per diluted share, compared to $7.3 million, or $1.15 per diluted share, in 2007.
Sales to the work market were $20.2 million for the fourth quarter of 2008, up 17% from $17.2 million for the same period of 2007. For the full year 2008, sales to the work market were $74.9 million, up 23% from $60.9 million in 2007.
Sales to the outdoor market were $14.9 million for the fourth quarter of 2008, down 3% from $15.4 million for the same period of 2007. For the full year of 2008, sales to the outdoor market were $53.1 million, down 7% from $57.3 million in 2007.
Margins suffered in Q4. For the fourth quarter, gross margins were 38.6% of net sales, down 50 basis points from 40.1% of sales in the 2007 quarter. For the full year, gross margins were 39.6% of net sales, compared to 39.7% in 2007.
LaCrosse's total operating expenses were 32.4% of net sales in Q4, up 320 basis points from 28.6% of net sales in the prior year quarter.
