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Lululemon 5-year Plan Driven by Men’s, Digital and International
LULU is forecasting annual low-teens revenue growth in a new 5-year plan, introduced today at its investor meeting in New York, and sees modest gross margin expansion and modest SG&A leverage driving operating income that grows faster than revenue and net income that grows faster that operating income.
The two had been set to renew their partnership that expires this year when the NCAA basketball investigation broke and that deal was put on hold.
Football players at Alabama, Notre Dame, Penn State, North Carolina, Pittsburgh, Northwestern and Michigan received payments from 2000-2014 in violation of NCAA rules, testified Louis Martin Blazer, a former agent and financial advisor to NFL players who is now cooperating with the FBI, in the first day of the bribery trial.
The current deal, renewed in 2015 through 2024 worth some £33 million in total, will now end amicably after the 2020 season.
A tough January comparison because of the 53rd week last year, late tax refunds in February and the Easter shift to April combined to dampen Q1 sneaker sales, according to NPD.
Adidas to Appeal Adverse Ruling on Flyknit Patent Challenge
The US Patent and Trademark Office Appeals board’s ruling against Adidas in its claim to have Nike’s key Flyknit patent invalidated will now go to the U.S. Court of Appeals for the federal circuit in Washington, DC.
Edgardo Ramos, the U.S. District Court judge presiding over the bribery trial of Merl Code and Christian Dawkins upheld a prosecution request last week that Sean Miller of Arizona and Will Wade of LSU do not have to testify despite the FBI having wire taps of conversations in which they allegedly were paying players in violation of NCAA regulations.
Comprehensive net income soared to ¥13,384 million ($121.4 mm) from ¥1,091 million in the first quarter helped by a big positive swing in foreign currency translation adjustments, as revenues gained 3% to ¥87,714 million ($795.8 mm) from ¥85,236 million.
Licensing revenues from the Hi-Tec brand portfolio were up 12% in CHKE’s fiscal fourth quarter ended Feb. 2, but the non-renewal of other licensing agreements pulled down overall revenues 11% to $6,127,000 from $6,884,000.
Net income increased 11% in the first quarter to $3,605,000 from $3,251,000 on 7% higher sales of $65,929,000 up from $61,387,000, led by the retail channel, which increased 18% to $15.4 million.
The co-founder of the SportMart chain in 1971 passed away Apr. 20 at the age of 85.
Camping World Hit with Second Shareholder Suit
The derivative complaint was filed in DE Chancery Court by Lincolnshire Police Pension Fund on behalf of the company, accusing CEO Marcus Lemonis and other directors of breach of fiduciary duty and unjust enrichment.
The long-running trademark dispute between Brooks Running and Anta Sports over the Chinese sports brand’s chevron logo has been settled, according to a court filing.
Jury selection began in the bribery trial of Merl Code and Christian Dawkins that is expected to shed considerable light on the inner workings of college basketball recruiting.
National Park recreational visits declined 5% last month to 19,933,396 from 21,035,485 and were down 10% year-to-date to 42,591,574 from 47,494,117 with three straight months of losses that started with the government shutdown in Jan.