Saucony profits soar in second quarter despite sales slump
Saucony Inc.has announced its financial results for the second quarter ended 5 July 2002.
Net sales increased 3% to $36.5 million, compared to $35.5 million in the second quarter of 2001. Net income increased to $1.5 million compared to $176,000 for the comparable period in 2001.
For the six months ended 5 July 2002, Net income increased to $2.9 million compared to $1.5 million for the comparable period in 2001. This increase was despite a decrease in net sales of 10% to $71.2 million from the $79.2 million of 2001.
John H. Fisher, President and Chief Executive Officer of Saucony Inc, said the results were "better than expected" and cited new product introductions in the second quarter, a new customer relationship management system launched in April, and inaugural cost management systems implemented last year for the positive results.
