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Foot Locker Comps Stay Strong in Q3 as Earnings Jump
Net income more than doubled to $265 million from $125 million in the key third quarter ended Oct. 31 as sales jumped 9% to $2,106 million from $1,932 million on a surprisingly strong 7.7% comp following a stimulus-propelled 18.6% comp in the second quarter.
The bottom line grew more than ten-fold in the third quarter to $25,266,000 up from $2,265,000 on a 20% increase in revenues to $331,383,000 against $275,475,000 including a +17.5% brick-and-mortar comp and 51% higher e-commerce sales.
Lululemon elevated Meghan Frank to chief financial officer, replacing Patrick Guido, who left the company last spring to join Asbury Automotive Group.
The gains were driven by handgun imports that more than doubled to 338,100 units, including a 119% jump in pistols and a 19% gain in revolvers, according to ITC data compiled by the NSSF.
Famous Footwear Dips 12% in Q3, but Caleres’ Other Brands Fall 26%
Famous’ parent Caleres returned to the black in Q3 with net income of $14,417,000, down 48% from last year’s $27,987,000 but a significant improvement from Q2, on revenues that were down 18% to $647,480,000 from $792,375,000.
Net income attributable to shareholders gained 41% to $4,969,000 in the fiscal final quarter ended Oct. 3 from $3,523,000 last year on revenues that were up 8% to $116,684,000 from $107,957,000 with gains across products and channels.
Net income grew by 4% to BRL 43,419,000 ($8.0 mm) in the third quarter from BRL 41,807,000 last year, as revenues increased 7% to BRL 382,856,000 ($70.9 mm) from $359,355,000.
While the Berkshire-Hathaway-owned running brand does not formally report financial results, Brooks said that it expects 2020 sales to grow 27% year-over-year, as strong demand for running has been buoyed by the Covid-19 pandemic.
Nike Unite is the fourth retail format introduced by the Eager Beavertons since it launched its consumer direct offense aimed at capturing a greater percentage of Swoosh customers for itself.
The company will pay a $9.75 million fee to the school and continued to supply $3.65 million worth of apparel and gear through the end of the school year, to terminate its sponsorship four years early, according to multiple sources.
The action camera maker is offering $125 million in aggregate principal amount of 1.25% convertible senior notes due in 2025, in a private placement to institutional buyers.
Shoe Carnival Sets Profit Record in Q3
Net income moved up 1% to $14,678,000 is Q3 from $13,726,000 last year, but revenue was flat, inching down to $274,579,000 from $274,645,000, and slowing sequentially from its strong rebound in the second quarter.
Revenues at Sumitomo Tire’s sports division grew 3% to ¥19,970 million ($188.2 mm) from ¥19,354 million, bouncing back from Q2’s plunge as golf equipment sales took off after lockdowns lifted in North America and Europe.
Net income was ¥915 million ($8.6 mm) in the fiscal second quarter ended Sep. 30, down 59% from ¥2,222 million last year, as revenues slipped 16% to ¥19,358 million ($182.5 mm) from ¥23,094 million.
Sentinel Capital Partners, which acquired GSM from Huron Capital Partners in 2018, has divested the hunting, shooting and outdoor company to PE firm Gridiron Capital.
The TJX-owned outdoor retailer ended the third quarter with 48 doors, up two from the end of Q2.
The Canadian hockey company will donate C$100,000 in equipment to support youth sports and cease making claims that its Dynamic 9 Pro hockey helmet could reduce the risk of concussions, in a settlement with that country’s Competition Bureau.