Sporting Goods Industry News for March 22, 2019
City Gear acquisition costs pulled down Hibbett’s net income in the final quarter ended Feb. 2 to $6,634,000, a 32% decline from $9,733,000 last year, but revenues jumped 15% to $305,964,000 from $266,738,000 including a +3.8% comp and despite missing $13.5 million from the 53rd week last year.
Comprehensive net income fell 57% in 2018 to $249,099,000 from $573,099,000 as revenues increased 6% to $9,695,282,000 from $9,121,426,000 for Yue Yuen’s manufacturing and Pou Sheng retail businesses.
Comprehensive net income at the Chinese footwear and apparel brand increased 40% in 2018 to RMB 713,695,000 ($107.9 mm) from RMB 511,305,000 on 18% higher sales of RMB 10,510,898,000 ($1,588.7 mm) compared to RMB 8,873,912,000.
Alpha Guardian is recalling about 1,250 Stack-On Sentinel gun safes because a bolt malfunction can cause the safe to open without the use of a key or combination, allowing access to any firearms stored inside.