Daily News Feed
Trump Tax Proposal Silent on Border Adjustment Tax
While not explicitly rejecting the controversial proposal to tax imports, a plan opposed by the vast majority of the retail and sporting goods industries, President Trump’s plan looks sure to get a thumbs up from most of the industry as it does call for a reduction in the corporate tax rate from 35% to 15% on both C and S Corp. businesses and does not include the Border Adjustment Tax.
The small town operator lowered guidance by a whopping $0.30 per share because of comps that are expected to be down 4-5% for the first quarter ending Apr. 29.
WMAR’s net loss narrowed to $7,270,000 from a loss of $9,113,000 in the seasonally small first quarter ended Apr. 1, on 1% lower revenues of $129,063,000 from $130,405,000 and flat comp store sales.
Net income increased 20% to SEK 203 million ($22.7 million) from SEK 169 million in the first quarter, as sales expanded 16% to SEK 1,599 million ($179.2 million) from SEK 1,380 million.
The Kering-owned extreme sports brand saw sales decline 4% to €55.2 million ($58.8 million) from €57.2 million in the first quarter, pulled down by the struggling specialty retail segment in the U.S.
Retail/Rental Revenues at the company’s 200-plus ski and snowboard stores increased 3.4% during the 2016-17 season-to-date.
Ohio State safety Malik Hooker and Notre Dame quarterback DeShone Kizer will be the latest prospects to wear the Jumpman, joining LSU safety Jamal Adams who signed last month.
Chromag Bikes is recalling about 100 Chromag bicycle stems because the clamping bolts that secure the stem to the fork steerer and/or the handlebars can break.
Nike Revises MAP Policy as Promotional Cadence Heats Up
The Eager Beavertons now allow retailers to advertise products at up to 25% off year round, a change from the prior policy when retailers could only advertise discounts of that magnitude during certain periods of the year, according to the Portland Business Journal.
Final net income was €49.6 million ($53.9 mm) compared to €25.8 million, an increase of 92%, for the first quarter ended Mar. 31 as sales improved 18% to €1,005.1 million ($1,091.4 mm) from €851.9 million in the Big Cat’s first billion euro three month period.
Under pressure from shareholders as its flagship Ugg brand waffles, Deckers’ board said it would explore a broad range of options which could include a sale or other transaction.
Comprehensive net income was ¥5,289 million ($48.1 mm) compared to ¥260 million for the first quarter ended Mar. 31 as sales fell 3% to ¥79,921 million ($726.4 mm) from ¥82,169 million.
In the U.S., outdoor recreation supports over 7.6 million jobs and contributes $125 billion to federal, state and local government coffers, according to the OIA’s new report The Outdoor Recreation Economy.
The running shoe maker is now being run by co-founder Jerry Lee, who returned to the company while co-founder Danny Abshire has departed, Runners World reported.
The companies, which are both funded by New Water Capital, will combine to form the largest kayak maker in the world.
Theodore Sheeley, the father of a youth baseball player who bought a DiMarini bat that supposedly met USSSA standards, filed the proposed class action suit in U.S. District Court in IL.
Robert Julian has left the company after two years as SVP & CFO, and will be replaced on an interim basis by general counsel Brian Lynch.
Sportsman’s Warehouse Considering Bid for Gander Mountain
The UT-chain, which we reported several weeks ago was a potential acquirer for Gander as a going concern, is considering a bid that would keep as much as 80% of the bankrupt chain open, according to a report in Bloomberg.
While affirming Academy’s corporate debt rating at B2, the ratings agency lowered the outlook on $1.825 billion in senior secured term loan debt to negative from stable, citing a low-single-digit decline in 2016 comp store sales that was accompanied by a 23% shortfall in adjusted EBITDA.
Siemens will create a digital, simulated Speedfactory which it will use to help the Big a refine and improve its manufacturing techniques at its current and future smart factories.
The U.S. Senate and House of Representatives now have bipartisan caucuses dedicated to the outdoor recreation industry.
Icon Health & Fitness sued IFIT Personal Training for using its federally registered trademark.