For the fiscal year ended on the 2nd of January, net sales decreased by 1.5% totaling 21.7 million US dollars. The decrease in net sales for fiscal year 2015 was primarily the result of a reduction in sales of Trotters branded product as the company reduced its footprint in a large national account which was partly offset by a 90.3% increase in net sales of licensed occupational footwear during fiscal 2015 when compared to fiscal 2014.

Gross profit for fiscal 2015 decreased by 10.0% totaling 7.3 million US dollars. Gross profit as a percentage of net sales declined to 33.6% from 36.7% when compared to fiscal 2014. The decrease in the gross profit as a percentage of net sales was impacted by an increase in discounts and allowances provided with the realignment of the company’s distribution channels and implementation of a MAP policy, an increase in freight variance associated with the increased demand for licensed occupational footwear and the clearance of phased-out and discontinued footwear during the period.

The company reported a loss from continuing operations of 1.0 million US dollars for the fiscal year ended on the 2nd of January 2016 compared to earnings from continuing operations of 341 000 US dollars in the previous year. Net loss for fiscal 2015 reached 1.0 million US dollars.

Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality comfort women’s and men’s footwear with a design focus on fitting features. Phoenix Footwear designs, develops, markets and sells footwear in a wide range of sproducts  under the brands Trotters® and SoftWalk®. These brands are primarily sold through department stores, leading specialty and independent retail stores, mail order catalogues and internet retailers.