Saucony nets strong third quarter
The US athletic footwear brand Saucony has posted a 7% increase in third quarter net sales to $33.7 million, adding $.26 per diluted share.
On a nine-monthly basis, profits swelled from $1.9 million or $0.30 per share the year before to $4.4 million or $0.72 per diluted share, on 5% fewer sales to $105 million.
Saucony brand footwear accounted for approximately 81% of third quarter sales and 84% of year-to-date net sales, with Hind apparel and factory outlet stores net sales accounting for the balance.
Gross margin in the third quarter of 2002 increased to 35.7% compared with 32.7% the year before, due primarily to a rise in sales of the company’s top-end products at full margin in the domestic marketplace. Proportionately lower sales of closeout footwear, reduced costs resulting from the closing of the company’s Bangor, Maine manufacturing operations and improved margins on certain domestic footwear products, also helped.
Orders scheduled for delivery within the five month period October 5 2002 - February 28, 2003 were up 12% to $39.4 million and those for the 12 months to October 5 2003 up by 16% to $55.9 million.
The company forecast earnings per share in a range from $0.02 to $0.04 for the fourth quarter and in a range of 0.74 to $0.76 for the year, with sales expected to come in at between $130 million to $131 million for the full year.
