Phoenix Footwear Group, Inc. announced that total net sales of its Trotters(R) and SoftWalk(R) brands for the year-ended December 31, 2002 were $36.2 million, an increase of 5.7% compared to the year-ended December 31, 2001. Total net sales for the year-ended December 31, 2001 were $46.9 million, and included $12.7 million in sales attributable to slipper brands divested in 2001.
For the quarter ended December 31, 2002, total net sales of the Trotters(R) and SoftWalk(R) brands were $7.4 million, an increase of 2.2% compared to the quarter ended December 31, 2001. Total net sales for the quarter ended December 31, 2001 were $14.6 million, and also included $7.3 million in sales attributable to slipper brands divested in 2001.
Phoenix Footwear also announced today that Footwear News has ranked the company as the fastest growing footwear firm in the industry. The ranking, which appeared in the January 6, 2003 edition of Footwear News, spans the three-year period from 1999 to year-end 2001.
James R. Riedman, Chairman and CEO, commented, “We are pleased to announce increased revenues for the fourth quarter and full-year, a significant achievement given that this fall represented one of the most difficult retail seasons in decades. This top-line growth highlights the strength and stability of our brands. Looking to 2003, we are focused on increasing the distribution of our Trotters(R) and SoftWalk(R) brands, and are confident that we will continue to post solid top and bottom-line growth. Additionally, we are proud to receive Footwear News ranking as the fastest growing footwear firm in the industry. This achievement is a testament to both our employees and our retail partners.”
Phoenix Footwear Group announced on January 8, 2003 that it had sent a letter to the Board of Directors of Antigua Enterprises, Inc. (TSX Venture: ANE.V) (OTC: ANTGF.PK) in which Phoenix Footwear offered to acquire Antigua through a tax-free merger. Phoenix Footwear’s offer is still pending.
