Sporting Goods Industry News for May 25, 2016
The struggling action sports retailer had a loss of $2,745,000 for the 13 weeks ended Apr. 30 against income of $1,282,000 as sales were $120,218,000 this year compared to $120,190,000 prior.
Despite strong comps and new stores in its upper tier branded business, Belle’s overall net income fell 38% to RMB2,945.1 million ($449.3 mm) from RMB4,750.0 million for the year ended Feb. 29 as sales improved 2% to RMB40,790.2 ($6,220.0 mm) from RMB40,008.1 million.
The company scored its progress toward its 2015 sustainability goals and raised the bar for CO2 reduction and other initiatives in releasing targets for 2020.
Hed Cycling is recalling about 380 Ardennes Black and Jet Black rims because they can cause brake pads to wear out unexpectedly.
The net proceeds of $390.1 million will be used for general corporate purposes, including repayment of existing debt.