Phoenix Footwear Group, Inc. reported net sales from continuing operations decreased 16.4% to $18.7 million, compared to $22.3 million for the third quarter of fiscal 2007. Management said the company experienced sales declines across all of its brands.
Gross margin expanded 780 basis points to 32.8% compared to 25% for the third quarter of 2007. The increase was due to strong gross margin growth in the company's Trotters and SoftWalk divisions. The net loss from continuing operations was $2.1 million, or 25 cents per share, compared to a net loss of $1.8 million, or 22 cents per share, from continuing operations a year ago.
