The Stride Rite Corporation, parent company to Saucony, reported sales of $177.5 million for the third quarter, an increase of 21% over $146.2 million in the same quarter last year. Net income for the quarter amounted to $8.5 million or 23 cents per diluted share, compared to net income of $7.7 million or 21 cents per diluted share in the third quarter of 2005.
Excluding Saucony, fiscal third quarter sales increased about 7% and total sales would have probably declined were it not for the gains in the International business that management said had come primarily from the addition of Saucony.
SRR is apparently looking for more focus and has split the previous structure that had Keds and Saucony under Shawn Neville in a group president role. Instead, Neville will focus on the Keds business and the company has moved Richie Woodworth, who has been running the Tommy Hilfiger and Hind business, over to function as president of Saucony/Hind. Saucony will strengthen its marketing group by moving Sue Dooley over from Sperry to a new role as VP marketing for Saucony. The moves have resulted in the departure of former GM Mike Metcalfe and market director, Kevin Tordoff, among others.
