For the quarter ended on the 3rd of October Phoenix Footwear net sales totaled 5.82 million US dollars, decreasing by 8.4%, mainly reflecting a reduction of the company’s presence in a large national retailer, along with an increase in the accrual for allowances and other discounts provided to this customer.

Net sales for the first nine months of fiscal 2015 increased by 1.3% reaching 16.55 million US dollars compared to 16.35 million US dollars for similar period in 2014. The increase in net sales for the first nine months of fiscal 2015 was primarily driven by a 107.1% increase in sales of licensed footwear first introduced during fiscal 2014, together with increased sales to the company’s internet, and catalog retail customers, that was partly reduced by an increase in allowances and discounts provided to a large national retailer, primarily as a result of the implementation of the company’s minimum advertised pricing policy, combined with reduced sales in the independent channel of distribution.

Phoenix Footwear reported a net loss from continuing operations of 45 000 US dollars in the third quarter, which compares to 548 000 US dollars in similar period last year.

For the first nine months of fiscal 2015 the company reported a net loss from continuing operations of 735 000 US dollars compared to 353 000 US dollars in 2014.