Good performance on sales reflected in a recovery of Phoenix footwear’s operating income in the fourth quarter, which totaled 216 000 US dollars (compares to a loss of 26 000 US dollars for similar quarter in fiscal 2013).

For the fiscal year ended on the 3rd of January 2015, net sales increased 2.8 million US dollars (14.5%) and totaled 22.0 million US dollars (going up from 19.2 million US dollars). Growth in net sales in fiscal 2014 was mainly attributed to “new product introductions designed to appeal to the broader customer demographic of the company’s internet-based accounts, the on-time delivery of spring and fall goods, together with an improvement in the customer reorder volume of the company’s fall product offering”.

Gross profit for fiscal 2014 increased 13.5% to reach 8.1 million US dollar; as a percentage of net sales gross profit declined 40 basis points to 36.7%, a decline mainly driven by an increase in sales of lower margin goods and licensed footwear during the period.

Phoenix Footwear reported net income of 327 000 US dollars or 4 cents per share for the twelve months of fiscal 2014 compares to net income of 70 000 US dollars or 1 cent per share for the twelve months of fiscal 2013. Included in net income for 2013 was a gain of 121 000 US dollars from the settlement of the company’s litigation against Tandy Corporation.