February 22, 2017
Although it sees a continued choppy marketplace with more store closures in the future, Wolverine World Wide also believes it is making progress on its turnaround initiatives and has cut inventories by 25% compared to last year at this time as it closes out the year ended Dec. 31 with a loss of $24 million against income of $11.9 million on a 3% decline in sales to $729.6 million against $751.2 million.
The outcome of FIT’s final quarter was largely forewarned by its pre-announcement last month, with a net loss of $146,273,000 vs. a profit of $64,165,000 last year on 19% lower sales at $573,775,000 down from $711,570,000.
Garmin bucked the conventional wisdom that the fitness band market is saturated with solid growth in the final quarter from wearables in both its Fitness and Outdoor segments.
Net income grew 17% to RMB2,385.5 million ($359.0 million) from RMB2,040.6 million in 2016 on revenues that were up 20% to RMB13,345.8 million ($2,008.1 million) from RMB11,125.9 million.
Licensing revenue declined 8% to $87,142,000 from $96,654,000 for the three months ended Dec. 31 but even a $28.1 million gain on the sale of Sharper Image during the period was overwhelmed by the massive impairment charge as well as an additional $18.3 million goodwill impairment charge.
The Polyurethane Valley is building a new convention center that is scheduled to open in 2019 as well as a new 600-room convention hotel.