INDUSTRY NEWS

PICKERINGTON, Ohio —Accessory footwear marketer R.G. Barry Corp., makers of Dearfoams, has reported a 36.0 percent increase in net earnings on a 13.8 percent increase in net sales for its second quarter, ended January 2, 2010.

For the quarter, the company reported net earnings of $8.2 million or $0.76 per basic share and $0.74 per diluted share compared to $6.1 million, or $0.57 per basic share and $0.56 per diluted share, in the second quarter of fiscal 2009; net sales of $55.6 million compared to $48.9 million reported for the corresponding period of fiscal 2009; gross profit as a percent of net sales in the quarter was 43.1 percent versus 39.5 percent in the comparable quarter of fiscal 2009; and selling, general and administrative expenses of $10.8 million were down fractionally as a percentage of net sales but up $1.1 million versus the equivalent quarter of fiscal 2009, as detailed in the management comments portion of this news release.

For the first half, the company reported: net earnings of $10.5 million, or $0.97 per basic and $0.96 per diluted share, versus net earnings of $7.2 million, or $0.67 per basic and diluted share, in the comparable period one year ago; net sales for the period rose 14.0 percent to $85.0 million versus $74.5 million in the first half one year ago; gross profit as a percent of net sales increased to 42.6 percent from 39.5 percent in the comparable six months of fiscal 2009; and selling, general and administrative expenses were $19.6 million, up $1.3 million versus the comparable period last year, but down 150 basis points as a percentage of net sales for the half.

"We continue executing at a level that places us among the best in our industry," said Greg Tunney, president and CEO. "Our year-over-year, double-digit net sales increase and higher profitability stem from the strong sell-through we experienced across most retail channels during our first half. We take great pride in the fact that this healthy performance is being measured against our results from the equivalent period last year, which were among the best reported in our sector. We view today's results as a reaffirmation of the ability of our business model to adapt and perform well, even during uncertain economic times."

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