That’s not quite true. I want to talk about Sanuk, though probably for the last time. There’s not a mention of the once high-flying brand in the conference call, and it only comes up in the 10-Q because, inconveniently I imagine, they have to acknowledge its existence.
For the quarter ended September Sanuk revenue was down 9.4% ($1.43 million) from $15.22 million in last year’s quarter to $13.80 in this year’s. The Sanuk wholesale business had an operating profit of $291,000 down from $1.23 million in last year’s quarter, a drop of 76.3%. Add any reasonable allocation of overhead, taxes, interest and the brand lost money during the quarter.