Earnings and outlook up for Maxwell Shoe
Massachusetts-based Maxwell Shoe Inc, marketer of women and children’s shoes, has posted higher-than-expected earnings for the third quarter ended July 31, with particular gains being reported in relation to its Anne Klein and Joan and David brands.
Profits were up 3.2% to $3.5 million (23 cents a share) on net sales $46.4 million which were up 3.3% To avoid the effects of a potential strike by longshoremen in California, the company said it shipped goods to a port on the East Coast, adding two weeks to their delivery time.
The company raised its estimates for the balance of the year on the strength of an increase in order backlogs and the shift of some 3% to 5% of sales from the third to the fourth quarter. Shares rose by over 4% following the news.
For the balance of the fiscal year, Maxwell shoe said it raised its expectations for full-year sales to a range of $203 million, representing annual growth of between 10% and 11%. It forecast diluted earnings of 87 cents to 89 cents per share.
