March 22, 2017
Net loss narrowed to $1,336,000 from a loss of $19,679,000 in the fourth quarter as revenues gained 3% to $329,761,000 from $320,216,000 driven by a double-digit increase in club sales, but balls and footwear are still down from last year’s retail bankruptcies.
Noting that an extensive marketing process prior to the bankruptcy produced only two bona fide offers, one of which walked away, Eastern Outfitters said the current stalking horse deal with Sports Direct remains clearly a better alternative for employees and other stakeholders to the certain liquidation the chain would otherwise have faced.
In a closely watched case, the Supreme Court ruled 6-2 in Varsity Brands’ favor that designs that are part of a cheerleader uniform are subject to copyright protection, rejecting claims by its competitor, Star Athletica, that these designs are essentially what distinguishes a dress from a cheerleader uniform and would not be protectable.
It had net income of $8,997,000 against a loss of $17,695,000 for the fourth quarter ended Jan. 28 on a sales decline of 5% to $195,572,000 compared to $205,464,000 as its plan to focus on more profitable lines, expanding international and DTC sales and streamlining operations continues to benefit the bottom line.
Athletic footwear sales were down 14% for the month of Feb. to $1.3 billion from $1.5 billion as the three-week delay in issuing tax refunds severely depressed sneaker sales during the early part of the month, according to NPD.
Murray, who was most recently president of VF Sportswear, replaces Yehuda Shmidman, who is stepping down and will also leave SQBG’s board of directors.
Dynatronics is acquiring the assets of Hausmann, which manufactures physical therapy and athletic training products, for about $10.0 million in cash.
Net income for 2016 gained 8% to RMB869,735,000 ($130.9 million) from RMB801,617,000 boosted by RMB809 million in financial income on sales that were up 2% to RMB1,501,477,000 ($226.0 million) from RMB1,468,891,000.