Phoenix Footwear Group reported a net loss of $5.11 million, or 63 cents per share, for the second quarter ended July 4, 2009, compared to $2.16 million, 26 cents per share, in the second quarter of fiscal 2008.
For the second quarter of fiscal 2009, net sales were $3.96 million, compared to $6.18 million in the second quarter of fiscal 2008.
For the first six months ended July 4, 2009, net loss was $8.08 million, or $0.99 per share, compared to $2.44 million, or $0.30 per share, in the same period of fiscal 2008. Net sales were $10.05 million, compared to $15.62 million in the same period of fiscal 2008.
Rusty Hall, CEO of Phoenix Footwear Group, said: “In spite of the continued reduction in sales, we are encouraged by what we were able to accomplish during the quarter. Our cost structure has been rationalized; with annualized savings of approximately $5.2 million in selling, general and administrative expense expenses of continuing operations compared to the prior quarter. While we saw reduced gross margins for the quarter as we aggressively managed our inventories, our inventories are now 30% lower than this time last year.”
