Sporting Goods Industry News for October 22, 2014
Net income increased 94% to $55,079,000 from $28,333,000 for the period ended Sep. 30. Income from operations was 68% higher at $74.1 million and gross margin improved 50 b.p. to 45.1%. Revenues were 31% higher at $674,270,000 versus $515,756,000 with all three segments posting double-digit gains.
Steve Barker, the founder of Eagle Creek in 1975, has been named the interim executive director of the Outdoor Industry Association, effective immediately. He replaces Frank Hugelmeyer, who abruptly left the trade organization on Oct. 3, three days after the OIA announced he would be departing.
General Equity completed an acquisition of Pro Nine Sports, Inc. on Oct. 1.
The Australian retailer released a sales update for the 16 weeks ended Oct. 18 that showed a 3% increase in its Sports Retailing unit and an 8% decline in its Leisure Retailing segment, which it blamed on new store cannibalization, weak trading conditions and below expectations sales at both Ray’s Outdoors and FCO.