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U.S. Shoe quarter net improves
CINCINNATI--U.S. Shoe Corp. last week reported improved sales and earnings for the fourth quarter of fiscal 1988, but for the entire year, the company saw profits decline sharply as a result of disappointing performances in women's apparel retailing and footwear wholesaling.
The company also noted its footwear business continues to be difficult, with a significant reduction in spring reorders.
For the fourth quarter ended Jan. 28, sales were $683,888,000, up 11 percent from $614,429,000 in fiscal 1987, while earnings were $17,992,000, or 40 cents per share, a 74 percent increase from $10,320,000, or 23 cents per share.
for the year, sales totaled $2,343,045,000, an increase of 8 percent from sales of $2,167,554,000 in fiscal 1987, but earnings declined 75 percent to $12,965,000, or 29 cents per share, from $52,065,000, or $1.16 per share.
Philip G. Barach, chairman and president, said in a statement the results did not meet expectations, adding, "While the company implemented efforts to increase productivity and improve profitability, progress was dampened by a weak retail environment …