April 20, 2017 Skechers Has First Billion Dollar Quarter
Led by a double-digit increase in its international business, SKX sales hit ten digits for the first time, up 10% to $1,072,808,000 from $978,794,000, but net income slipped 4% to $93,995,000 from $97,612,000 as SG&A bulged to support the growth overseas. Foot Locker Lowers Q1 Guidance on Weak Feb. Comps
It took the federal government to slow down Big Foot’s sneaker selling machine. Foot Locker lowered guidance for the first quarter to $1.36-1.39 ($180.4 mm), at or slightly below last year’s earnings, for the quarter ending Apr. 29 as the late delivery of tax refund checks arrived after the NBA All-Star weekend that introduces many key new releases. Bankruptcy Update: Eastern Outfitters, Gander Mountain, Payless
Following a week of back room negotiations, Eastern Outfitters received the bankruptcy court’s approval after an Apr. 19 sale hearing to sell its remaining business to Sports Direct. Overall Sneaker Sales up 3% in March
Sneaker sales were $1.85 billion against $1.80 billion last year, according to NPD data, with unit sales up 1% and ASPs growing 2%. Rocky Brands Turns a Profit in Q1
Net income was $1,495,941 against a loss of $191,450 in the first quarter, on 10% higher sales at $63,072,954 vs. $57,529,945 driven by a doubling of military segment sales to $12.0 million. Escalade Net Falls on Industry Consolidation
Noting the impact of retail bankruptcies on its Q1 results, Escalade net income declined 18% to $1,388,000 from $1,697,000 for the quarter ended Mar. 25 as sales were 11% lower at $30,812,000 compared to $34,568,000. Invertex Raises $2 Million in Venture Money
The developer of an in-store system for scanning footwear received the finding from VC Our Crowd in Jerusalem, Permoda and others. Dick’s Launches Compression Brand
Just when you thought you wouldn’t hear any more bad news about Under Armour for a while, Dick’s launches Second Skin compression products for men and women. CPSC Recall: Razor Caster Boards
Razor is recalling about 158,000 Razor RipStik electric motorized caster boards because the rear wheel can stop rotating and lock up while in use.
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