Stride Rite posts strong Q1 sales
The Stride Rite Corporation has reported an 11% increase for the first quarter of fiscal 2005 to reach $150.6 million from $136.1 million in the comparable period of 2004. Operating income in the first quarter was $13.1 million, a 12% increase over the prior year. Net income for the first quarter totalled $8.2 million as compared to net income of $7.5 million in last year's first quarter.
First quarter sales of the Stride Rite Children's Group were up 13% compared with the first quarter of 2004. The Children's Group company-owned retail stores had a sales increase of 22% for the first quarter over the same period of fiscal 2004. Sales of the Sperry Top-Sider and Keds brands increased 32% and 8%, respectively, from the comparable period of 2004. However, sales of the Tommy Hilfiger Footwear brand decreased 10%. International sales for the first quarter increased 31%.
David M. Chamberlain, Stride Rite's chairman and CEO, commented, "We were very pleased with the start of 2005. Our first quarter sales and earnings growth was strong. The Stride Rite Children's Group had an excellent quarter with our retail store results continuing to drive top-line growth. Their results were aided by the earlier Easter holiday this year. The Sperry Top-Sider division had another outstanding quarter, up 32% compared to last year. Sperry Top-Sider is being helped by the 'preppy' fashion trend and success in women's footwear."
The Stride Rite Corporation markets the leading brand of high quality children's shoes in the
