Daily News Feed
American Outdoor Brands Profits Shoot Higher in FQ4
Net income gained 28% to $9,825,000 in the final fiscal quarter ended Apr. 30, up from $7,664,000, on sales that increased 2% to $175,734,000 from $172,026,000 with firearms up 5% to $140.7 million but outdoor products down 3% to $42.2 million.
The EU General Court in Luxembourg ruled against Adidas’ attempt to broaden its iconic trademark to cover “three parallel equidistant stripes of equal width applied to the product in whichever direction,” from the current registered mark for slanted stripes.
The Chinese softgoods company saw profits slip 27% to RMB866 million ($130.9 mm) for the 15 months ended Mar. 31, its new fiscal year end, from RMB1,189 million in the comparable period last year.
The team dealer is suing Big Foot and former BSN employees Rhanda Hinote, Caren Fiorillo, Keitha Hall, and Rebecca Faiella for violating confidentiality and non-compete agreements.
DECK is suing Aeropostale parent Aero Opco LLC in Central CA District Court for knocking off its Ugg Bailey Button trade dress and D599,999 patent with a similar looking suede and fleece boot.
With Tariffs Looming, Outdoor Industry Faces Uncertainty
The OIA calculates that in the 12 months leading up to the May increase in tariffs that affected a handful of industry products, it paid $1,742 million in tariffs compared to $654 million in the prior year.
After a year when Adidas drove athletic footwear sales at the family shoe retailer, SCVL told investors at the Jefferies Consumer Conference that it expects Nike, its largest athletic brand, to be the main sales catalyst during Back-to-School.
President Trump tweeted that he will be having an extended meeting with the Chinese President next week at the G-20 summit in Osaka, Japan, and that both countries’ teams will resume trade negotiations prior to that meeting.
Net loss at the Hi-Tec brand owner narrowed 18% to $2,258,000 in the first quarter ended May 4 from a loss of $2,741,000 last year on 6% lower licensing revenues of $5,052,000 from $5,402,000.
The consumer electronics retailer will roll out an assortment of connected fitness products in a dedicated fitness department in more than 100 stores by the end of the year.
Hibbett’s SVP of store operations began her three-year term on June 1 as chair of the NSGA board of directors and is the first woman to lead its board in the association’s 90 year history.
The bankrupt shooting sports distributor saw U.S. Trustee Andrew Vara appoint seven companies to the committee of unsecured creditors.
The diversified parent of Cannondale, Schwinn and other bike brands has secured a new, five-year 7.5% $175 million unsecured term loan from several institutional lenders led by Sagard Credit Partners.
New Balance Joins Fight against China Tariffs
Hundreds of companies are traveling to Washington and posting testimony for this week’s hearings on imposing new tariffs on the balance of China’s exports to the U.S., and New Balance with its domestic factories is among them because many of the components that it uses to assemble footwear in its five New England factories come from China.
HIBB shares slipped nearly 10% today after it announced it would need more time to review its adoption of the FASB’s new lease accounting rules.