PHOENIX FOOTWEAR GROUP, INC.

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FOR IMMEDIATE RELEASE



                     PHOENIX FOOTWEAR GROUP, INC. ANNOUNCES

                    FOURTH QUARTER AND FULL-YEAR 2003 RESULTS



                - Fourth Quarter Organic Revenue Growth of 10% -

                 - Organic Growth Expected to Continue in 2004 -



                  - 2004 Revenue Forecast of $62-$67 million -

                      - 2004 EPS Forecast of $0.85-$0.95 -



Carlsbad, California, February 12, 2004 -- Phoenix Footwear Group, Inc. (Amex:

PXG) announced today consolidated results for the fourth quarter and full-year

ended December 27, 2003. Net sales for the fourth quarter totaled $11.3 million

versus $7.4 million for the fourth quarter of 2002, an increase of $3.9 million

or 53%. Gross margin for the fourth quarter increased to 43% compared to 41% in

the prior year quarter. The increase in net sales for the fourth quarter of 2003

is a result of 10% year-over-year organic sales growth from the Company's legacy

brands, Trotters(R) and SoftWalk(R), combined with the addition of the H.S.

Trask(R) and Ducks Unlimited(R) footwear lines, which were acquired on August 7,

2003, and the Royal Robbins(R) line, which was acquired on October 31, 2003.



The Company's financial results for the fourth quarter of 2003 resulted in net

income of $108,000, compared to $204,000 in the fourth quarter of 2002. Net

income per diluted share was $0.02 for the fourth quarter and included ($0.02)

per diluted share from an asset impairment charge. Net income per diluted share

for the comparable prior year quarter was $0.05 and also included ($0.02) per

diluted share in asset impairment and disposal charges.



Net income for the full year period ended December 27, 2003 totaled $941,000,

versus $1.7 million for the full year 2002. Net income per diluted share was

$0.22 for the full year 2003 period and included ($0.28) per share in litigation

settlement, acquisition, and corporate relocation costs totaling $2.1 million,

offset by a $285,000 excise tax refund. Net income per diluted share for the

comparable prior year period was $0.45 and included ($0.07) per share in asset

impairment and disposal charges.



The per share amounts for the fourth quarter and full year ended December 27,

2003 include the weighted average share effect of the 699,980 and 71,889 shares

of newly issued common stock associated with the H.S. Trask & Co. and Royal

Robbins, Inc acquisitions, respectively.



James R. Riedman, Chairman and CEO, commented, "We closed 2003 with a return to

strong organic growth as our fourth quarter organic revenues increased by 10%.

While our revenues rebounded, we remained disciplined in our approach to cost

controls and inventory management, resulting in a fourth quarter gross profit

margin of 43%. We are committed to building shareholder value by developing a

portfolio of sustainable and profitable niche brands, while aggressively

leveraging a shared infrastructure. During the past year, we closed on the

acquisitions of H.S. Trask & Co., which marked our entry into the men's casual

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