McRae Industries, (Q1) for FY21 sales drop $18.9 million

McRae Industries, a US-based manufacturer of combat boots and western footwear, has reported net revenues decrease to $18.9 million in its first quarter (Q1) for FY21 ended on October 31, 2020 compared to the sales of $22.6 million in the same period prior year. Company’s net earnings for the period was $0.5 million (Q1 FY20: $0.9 million).

Gross profit for the reported quarter was $5.0 million ($5.6 million). Selling, general and administrative expenses was $4.3 million ($4.4 million). Company’s operating profit dropped to $0.6 million ($1.1 million).

Sales related to group’s western/lifestyle boot products were $12.1 million ($13.9 million) due to the effects of the coronavirus pandemic. While revenues from work boot products decreased from $9.0 million in Q1 FY20 to $7.0 million in the reported quarter due to decreased military boot sales offset by an increase in Dan Post work boot sales.