Sporting Goods Industry News for March 16, 2018
The president of the Nike brand, 56, seemed like the natural successor to CEO Mark Parker when his current compensation package fully vests in 2020. As part of the realignment, which will see Edwards resign immediately but remain as a consultant to Parker until Aug. 10 when he will retire, the Eager Beavertons named Elliot Hill, former president of Nike geographies, as president of consumer and marketplace.
Net income declined 19% to $9,733,000 from $12,055,000 in the 14-week final quarter on 8% higher revenues at $266,738,000 vs. $246,929,000 boosted by $20.3 million from its nascent e-commerce business as 13-week comparable store sales were up 1.6%.
Sales were flat at about $1.6 billion last year, Bean CEO Steve Smith said in a memo to employees, and the retailer will not pay any year-end bonuses to employees for the first time since the great recession.
Net income in the final quarter ended Feb. 3 more than quadrupled to $39,685,000 from $8,997,000 helped by a $26.8 million tax benefit on sales that gained 11% to $227,316,000 from $204,180,000 driven by strength in men’s sportswear and Nike swim.
Louis Garneau is recalling about 1,200 Course Helmets with model number LG1261, because they do not comply with the impact requirements of the federal safety standard for bicycle helmets.