March 21, 2017
Net income increased 20% to $1,141 million from $950 million in the fiscal third quarter ended Feb. 28 on 5% higher revenues at $8,432 million vs. $8,032 million. The profit handily exceeded expectations for a small decline in the quarter, and extended NKE’s streak of gains to 17 quarters, but sales fell slightly short.
While saying they have no objection to Sports Direct buying the assets of the bankrupt parent of Eastern Mountain Sports and Bob’s Stores, the unsecured creditors committee complains that the asset purchase agreement signed between Eastern Outfitters and Sports Direct so unfairly tilts the auction process in favor Sports Direct that it needs some significant modification.
With a March 23 self-imposed deadline to get a stalking horse bid, there have been no indications from Gander that there is either a financial or a strategic buyer willing to make a stalking horse bid that would preserve the chain as a going concern.
The company veteran was appointed VP and GM of The North Face Americas where he’ll oversee sales, merchandising and direct-to-consumer in the region.
Following a procedural ruling last month in which a CA federal judge threw out the suit brought by Taylor, her lawyers made a second attempt this week.
Comprehensive net loss for the year was HK$53,123,000 ($6.9 million) vs. income of HK$71,862,000 in 2015 on sales that increased 4% to HK$363,856,000 ($46.9 million) from HK$351,067,000.