Lacrosse reports Q3 net sales of $35m
Outdoor footwear company LaCrosse Footwear has reported results for the third quarter ended September 24, 2011.
For the third quarter of 2011, LaCrosse reported net sales of $35.3 million, compared to $37.7 million in the third quarter of 2010. For the first three quarters of 2011, net sales were $87.5 million, compared to $98.5 million in the same period of 2010. The company recently announced a new $15.4 million delivery order for the United States Marine Corps which it anticipates fulfilling during the fourth quarter of 2011 and the first quarter of 2012.
For the third quarter of 2011, net income was $1.7 million, up from $1.1 million in the third quarter of 2010. Results for the third quarter of 2011 included a net benefit of approximately $800,000 from a legal settlement.
Excluding its contract military and work apparel sales, the company’s core work sales in the third quarter of 2011 increased 12% from the same period in 2010. Sales to the outdoor market were $19.2 million in the third quarter of 2011, up 1% from the same period of 2010. The increase in outdoor revenue was primarily driven by sales of hiking and cold weather products.
“During the third quarter of 2011, we continued to see strong year-over-year sales growth in our core work business, as well as continued expansion of our direct and international channels,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “While our overall performance was impacted by the timing of military orders and a cautious retail spending environment in our wholesale channels, we have continued to maintain solid gross margins and profitability, as we control our operating expenses and gradually increase the flexibility of our operating model with new manufacturing partnerships in Asia.
“As we move into the fourth quarter, we’re beginning to fulfil the largest single military delivery order in our company’s history. While the contract military business remains competitive and unpredictable, we've established LaCrosse as a trusted partner to various branches of the U.S. military that can fulfill their time-sensitive needs for high-performance, all-terrain, all-weather boots.”
