February 24, 2017
Net income jumped 20% to $189 million from $158 million for the final quarter ended Jan. 28 on a 5% increase in sales to $2,113 million compared to $2,007 million last year, driven by a 5.0% comp store sales gain.
Consistent with its guidance, Billabong reported a net loss of A$16.1 million ($12.4 mm) for the half ended Dec. 31 against a loss of A$1.6 million for the prior period as sales declined 10% to A$508.3 million ($391.5 mm) compared to A$561.9 million.
The Big a announced its Sub2 program to break the two-hour marathon time barrier and launched a new shoe, the adizero Sub2 for its distance athletes to wear.
Improvements in the sports retailing and outdoor retailing segments helped the company report a 78% increase in net income to A$73.8 million ($56.8 mm) against A$41.5 million on a 7% sales increase to A$1,296.6 million ($998.6 mm) from A$1,216.3 million for the first half ended Dec. 31.
Parent company Gap says customers are responding to Athleta’s product assortment and the “Power of She” marketing campaign.
It opened four of the outdoor retailer’s stores in 2016 ending the year with 12 as it continues to test brick-and-mortar formats.
The 40-year-old insole maker promoted five executives in a leadership restructuring under new CEO and president John Rauvola.