Daily News Feed
Under Armour Probe Focuses On End of Quarter Sales
In what might be called a penetrating glimpse into the obvious, the Wall Street Journal reports that the Justice Department and SEC investigations into Under Dog’s accounting practices are scrutinizing end of quarter sales that were pulled forward in order to keep the streak of 20+% sales growth quarters going, even as demand had slowed and the Sports Atrocity bankruptcy had taken out a major customer.
Comprehensive net income attributable to shareholders at the Taiwan-based bike maker was down 37% to NT$366.3 million ($12.1 mm) in the third quarter from NT$582.4 million on 4% higher revenues of NT$16,980.5 million ($530.4 mm) up from NT$16,249.5 million driven by electric bike sales in Europe and the recovery of the Chinese domestic bike market.
Asics Ventures’ Tenkan-Ten (Tipping Point) program, which was established in Nov. 2016, has chosen five more early stage companies to receive €30,000 investments along with management and strategic support.
The family of Gert Boyle, former chair of Columbia Sportswear, will host a Celebration of Life in her honor on Dec. 5, 2019.
AOBC Will Split into Gun and Outdoor Companies
Just five years after embarking on a diversification program from firearms into outdoor and changing its name to reflect that three years ago, American Outdoor Brands will spin off its gun business in a tax free transfer to shareholders.
China immediately pushed back against the U.S. position that tariffs must stay in place as a condition of the Phase One trade deal with a Ministry of Commerce spokesperson saying that it is “an important condition of reaching a deal. The significance of the Phase One deal should reflect the scale of the tariff rollback.”
The new indictment drops two counts of conspiracy charges in then alleged extortion of Nike, and adds one count of honest services wire fraud.
Judges from the Federal Circuit Court of Appeals vacated a finding that was the basis of the roughly $3.5 million in profits and damages an Oregon jury awarded Columbia from Seirus Innovative Accessories in late 2017 for infringing on Columbia’s Omni-Heat reflective material with its HeatWave material.
Comprehensive net income dipped 9% in the racquet sports and golf brand’s fiscal first half to ¥929 million ($8.7 mm) from ¥1,026 million on sales of ¥31,821 million ($296.5 mm), up 4% from ¥30,585 last year.
Comprehensive net loss was ¥353 million ($3.3 mm) against income of ¥729 million for the company’s fiscal first half ended Sep. 30, but without a ¥1.1 billion negative valuation difference on available-for-sale securities, the bottom line was up 15% to ¥344 million.
Gregory Mountain Products sales were up 22% to $18 million from $14.8 million for the third quarter, benefiting from continued strength in Japan.
The fitness band maker closed the combined equity and debt Series D round, which was led by Foundry Group with participation from a number of other funds and individuals.
Handgun imports for the month decreased 17% to 164,658 units on a 20% drop in pistol imports to 141,622 units partially offset by a 3% gain in revolvers to 23,036 units, according to ITC data compiled by the NSSF.
Mystery Ranch is recalling about 500 Quick Draw side arm holsters for semi-automatic pistols because the retention strap can disconnect from the holster and allow the handgun to fall.
Removing Tariffs Holds Up Phase One Trade Deal
China and the U.S. are at an impasse over the timing of removing tariffs on each other and the Phase One trade deal that would have been signed this weekend under the original timetable now faces an uncertain timetable.
Comprehensive net income was up 12% in the fiscal second quarter ended Sep. 29 to C$58.0 million ($43.9 mm) against C$52.0 million as revenues increased 28% to C$294.0 million ($222.6 mm) from C$230.3 million.
The Eager Beavertons have ended their experiment with selling a limited selection of products on the site after two years as it plans to focus on its direct business.
Comprehensive net income attributable to YY’s shareholders increased 42% to $205,861,000 in the first nine months of 2019 from $145,310,000 last year on 5% higher revenues of $7,519,624,000 up from $7,151,884,000.
Comprehensive net income nearly tripled to ¥2,445 million ($22.8 mm) from ¥853 million in the fiscal first half ended Sep. 30 on 23% higher sales of ¥41,168 million ($383.6 mm), up from ¥33,405 million.
Standard & Poors maintained its BB issuer credit rating on Under Dog, as well as on its unsecured notes, and affirmed the ‘3’ recovery rating for the company, with a stable outlook.
Inventor Geoff McCue and the McCue Family Trust are suing the Big a in Baton Rouge, LA, District Court, claiming the Futurecraft 4D midsole infringes on its U.S. Patent No. 9,271,542.