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Wolverine Sees Performance Leading Casual Out of Pandemic
In reporting a net loss of $1.6 million against income of $40.2 million with a sales decline of 39% to $349.1 million from $568.6 million for the second quarter ended Jun. 27, Wolverine Worldwide said it saw relatively better performance from performance brands like Saucony and Merrell as well as work brands like Caterpillar and Wolverine while casual brands like Sperry and Keds lagged.
Net income took a 94% dive to $2,313,000 from $38,488,000 in the seasonally important second quarter as revenue dropped 35% to $300,002,000 from $462,218,000.
The bottom line loss at the fitness band company bulged back into nine-figure territory at $104,097,000 in the second quarter, up from a loss of $68,518,000 last year, on 17% lower revenues of $261,272,000 vs. $313,556,000.
Descente recorded a net loss of ¥2,018 million ($18.8 mm) in the fiscal first quarter ended June 30, against a profit of ¥354 million last year, on revenues that fell 47% to ¥15,553 million ($144.7 million) from ¥29,479 million with declines across its portfolio of brands.
About 84% of tennis specialty retailers have now reopened, and some are seeing sales increases in June and July, but a majority expects full-year sales to be down over 40% from 2019 levels, according to a survey conducted by the Tennis Industry Association last month.
Net income attributable to stockholders slid 45% in the second quarter to $12,608,000 from $22,921,000 on 5% lower overall sales of $183,102,000 down from $192,122,000, hurt by a mandatory shutdown of its U.S. factories due to the coronavirus that lasted more than half the quarter.
The Olin-owned ammunition maker reported sales of $192.6 million, up 17% from $164.9 million in Q2 last year, on higher sales to the commercial channel, which saw booming fear-based demand in the quarter.
The Australian retail chain’s total revenues increased 3.3% for the fiscal year ended June 27, including a +2.7% same store improvement, as sales rebounded strongly after Covid-19 restrictions eased.
MAP Active Results Tumble as Pandemic Closes Stores
Widespread store closures for much of the second quarter sent the Indonesian retailer’s bottom line into the red, with a loss of IDR 147,310 million ($10.3 mm) against a profit of IDR 224,528 million last year, as sales plunged 67% to IDR 653,450 million ($45.9 mm) from IDR 1,956,249 million.
The Big a’s supervisory board extended the CEO’s appointment for a second, five-year term until July 31, 2026.
The family’s investment company, Kandui Holdings, has formed Simple Shoes LLC and acquired the assets and intellectual property for the skate shoe brand from Denis Ryan’s KTSimple LLC.
The Eager Beavertons are laying off at least 500 employees at its world headquarters starting Oct. 1, according to a WARN notice filed with Oregon’s office of employment.
President Trump signed the bi-partisan bill into law, just weeks after the popular funding bill passed the Senate on June 17 and was approved by the House of Representatives on July 22, both by large margins.
The former president of Smartwool died of a suspected cardiac event during a bike ride near his home in Steamboat Springs. He was 52.
Ratings Agencies Report Amer Sales, EBITDA Fall in H1
Despite a first half marred by the impact of the pandemic, both Moody’s and S&P affirmed that Amer Sports has adequate liquidity to operate through the year and each assigned a low investment grade rating of B3 and B- on a new €100 million facility issued by the company.
Athletic footwear and apparel retail sales declined low teens for the first six months of 2020, NPD Group reported, but there was considerable variation between the winners and losers.
The firearms sales boom sparked by the coronavirus pandemic and fueled by civil unrest following the George Floyd killing shows no signs of slowing, driving another huge increase in July.
Winnie Ma was tapped by the Vans and North Face parent as president of Greater China, a new role in the company that reflects the growing importance of the region.
Parent Safilo Group named former Costa Del Mar exec Francesco Rinaldi Ceroni as general manager for Smith Sport, overseeing global operations based at its Portland, OR, headquarters.
Smith & Wesson Brands has now set a timetable for the previously announced spin off of its outdoor brands business into a new, publicly trade company called American Outdoor Brands.
The DSW parent will reduce its total workforce by about 8% as part of an internal reorganization, intended to integrate the Camuto Group, which it acquired in 2018, and shift focus to e-commerce from retail stores.
Golfers’ pent-up demand fueled a 51% increase in golf equipment sales in June, when retailers reopened stores after months of forced closures in many regions, NPD Group reported.
The Helen of Troy-owned drinkware maker filed a complaint with the International Trade Commission naming 25 companies that it says are manufacturing or selling products that infringe on its IP.