May 04, 2017
Net income leaped 30% to €455 million from €351 million for the first quarter ended Mar. 31 as sales improved by 19% to €5,671 million from €4,769 million, led by a 31 % jump in North American sales to €988 million from €728 million despite a small decline in the Reebok brand here and a 30% gain in China to €990 million from €762 million.
Net income fell 17% to $19,063,000 from $22,889,000 for the 13 weeks ended Apr. 1 on a 3% decline in revenues to $678,021,000 from 719,915,000 with comps down 8.9%.
Revenues jumped 13% to $308,927,000 from $274,053,000 in the first quarter driven by Ogio and Epic driver sales, but reported net income declined 33% to $25,689,000 from $38,390,000 due to Ogio integration expenses and the fact that it paid no income tax in Q1 last year.
The two-day auction that produced the joint bid from the liquidators and Camping World is expected to produce about 5.5 times the amount of cash for unsecured creditors than had been contemplated by the debtor in the original stalking horse bid, although the amount wasn’t specified.
The U.S. retail sneaker market declined on a 2% decline in ASP and a 1% decline in unit sales for the first three months of the year, according to NPD.
Net loss expanded to $1,180,000 from a loss of $1,076,000 in the first quarter on a 16% increase in licensing revenue to $39,400,000 from $34,008,000.
Compass Diversified-owned 5.11 Tactical and Liberty Safe took bad debt reserve charges of $1.3 million and $1.4 million respectively in the first quarter due to the Gander Mountain bankruptcy.