Sporting Goods Industry News for December 08, 2016
A provision for “border adjustments” in the tax reform blueprint proposed by House Ways and Means Committee Chairman Kevin Brady (R-TX) would levy a tax on foreign-made products imported for sale in the U.S.
Net loss narrowed to $9,632,000 from $17,424,000 in the seasonally small third quarter on revenues that increased 4% to $332,353,000 from $319,868,000 as GOLF reported its first quarterly results since its IPO on Nov. 2.
In reporting a net loss of $873,000 against income of $1,346,000 on a 20% dip in sales to $6,495,000 from $9,098,000 for the third quarter ended Oct. 29, the new owner of the Hi-Tec brand said it has already sold off the operating assets of the company to its new licensee partners in most major markets, and anticipates some activity in expanding beyond the sporting goods specialty channel next year as it transitions the brand to the new licensing model.
Adidas topped a list of 20 companies benchmarked by forced labor watchdog group KnowTheChain in its just-published Apparel & Footwear Benchmark Findings Report.