Phoenix Footwear Group turned around to a net profit of $73,000 in the third quarter ended Oct. 1 from a net loss of $1.1 million a year ago, as selling, general and administrative expenses were cut by 28 percent and gross margins improved by 12 percentage points to 38 percent due to lower closeout sales. The U.S. company's quarterly turnover improved to $4.7 million from $4.4 million a year ago.