Daily News Feed
Zion Sneaker Blowout Draws Mild Reaction on Wall Street, Hysterical Reaction in Media
Nike shares traded down slightly the day after Duke freshman star Zion Williamson blew out a Nike PG 2.5 sneaker and limped off the court as investors, perhaps remembering how they overreacted to the Colin Kaepernick ad, mostly hoped the shares would drop more and give them a lower entry point on the stock.
Net income declined 36% to $37,712,000 from $58,632,000 for the three months ended Dec. 30 on a 14% sales improvement to $742,748,000 from $653,695,000 which included $21.7 million in restructuring charges in 2018 against $11.0 million prior as well as cash flow hedge charges of $21.1 million in 2018 against a gain of $3.7 million prior.
Net income increased 19% in the final quarter to $12,274,000 from $10,350,000 on a 2% revenue improvement to $121,121,000 from $118,230,000 helped by solid sales on Black Friday.
Net income at the Australian surf and skate company improved by 25% to A$4,262,000 ($3.2 mm) from A$3,408,000 in the fiscal first half ended Dec. 31 on 11% higher revenues of A$77,893,000 ($58.2 mm), up from A$70,057,000 driven by double-digit gains in Australasia and North America.
Nexgen Outfitters, an online retailer founded by former CAB employees, has launched its e-commerce web site at www.nexgenof.com in the face of an ongoing suit from the outdoor behemoth.
Mascot Bidco Oy has evidently not yet hit the 90% acceptance threshold it needs to close the acquisition of Amer Sports, so has extended the offer period a week to end on Mar. 7 from the previous Feb. 28 deadline.
The NBA analyst and former player has made an unspecified investment in the basketball apparel and accessories company and will also serve as creative director, Front Office Sports reported.
Wolverine Sees Gains from Merrell and Sperry in Q4
Net income was $39.3 million in the fourth quarter ended Dec. 29 against a loss of $60.8 million last year as revenues inched up to $579.6 million from $578.6 million driven by solid results from Merrell and Sperry and 5% growth in international sales.
As mid-level American and Chinese negotiators start another round of talks with the U.S. deadline of Mar. 1 for a resolution of the trade dispute, President Trump told reporters that the date is not “a magical date,” further distancing himself from his earlier comments that he would raise tariffs on some $200 billion in Chinese goods coming into the U.S.
The outdoor category led the company with a 25% sales increase in Q4 ended Dec. 31 to $254,568,000 against $203,278,000 with the new watches making a “significant” contribution and bringing the category for the year to sales of $908,883,000, up 18% to $698,867,000.
The conviction of James Gatto, Merle Code and Christian Dawkins on conspiracy charges had relatively little impact on college basketball beyond the firing of coach Rick Pitino from Louisville and the guilty pleas of several assistant coaches, but a second trial this April of Code and Dawkins on federal bribery charges promises to be much more revealing in terms of the actual nuts and bolts of college basketball recruiting, according to a story in Yahoo Sports.
Big Foot’s board approved a $275 million capital expenditures program for 2019, up from the approximately $200 million in 2018, emphasizing investments in stores, especially in Asia, and on its digital initiatives.
Net income was down 52% to $3,580,000 from $7,459,000 in the fourth quarter ended Dec. 30 lapping last year’s $3.0 million benefit from the Tax Act, as revenues gained 5% to $50,992,000 from $48,685,000.
Snow sports retail sales got off to a strong start, with favorable weather and early snowfalls boosting sales across the country, according to point of sale data from Snowsports Industries America and NPD Group.
Payless Looks to Survive in Latin America, Overseas as It Shutters North America
Battered by weak sales, a liquidity crunch and reduced inventory flow from its factories, the Payless management determined that a restructuring of the 2,500-store North American operation was not feasible given the substantial investment needed to make it competitive, but the profitable Latin American stores and a network of profitable franchised stores throughout the Middle East, Africa and Asia will continue.
He will become President & CEO of Elan Sports USA, the Lebanon, NH, U.S. subsidiary of Slovenia-based Elan Skis, effective immediately.
Comprehensive net income was off 83% for the six months ended Dec. 31 to ¥453 million ($4.0 mm) from ¥2,671 million as sales dipped 1% to ¥111,717 million ($990.4 mm) from ¥113,382 million.
November handgun imports declined 22% to 204,683 units as a 25% drop in pistol imports to 182,602 more than offset a 34% gain in revolver imports to 22,081.
Academy is recalling about 3000 Outdoor Gourmet Turkey Keg turkey fryers because the turkey fryer spout can leak oil, posing a fire hazard.