Vans Inc.: The Orange shoe manufacturer reported...

Vans Inc.: The Orange shoe manufacturer reported a 48% decline in profit for its latest fiscal year. The company said it earned $1.4 million, or 14 cents a share, down from $2.7 million, or 28 cents a share, for the previous 12 months. Sales for the year ended May 31 dropped 7% to $80.5 million from $86.6 million. For the fourth quarter, the company’s profit fell 29% to $879,000, or 9 cents a share, from $1.2 million, or 13 cents a share, for the same period a year earlier. Three-month sales were up slightly to $22.9 million from $22.7 million. The company said the latest results showed the first quarter-to-quarter sales gain in the past eight fiscal quarters.