May 10, 2017
WWW accelerated its Way Forward transformation plan in Q1, closing 104 stores and liquidating $20 million in inventory resulting in $9.2 million loss which pulled net income down 4% to $16.7 million from $17.4 million on 2% higher revenue at $591.3 million vs. $577.6 million.
After putting it on the block a year ago, the Big a has finally unloaded its golf equipment business to KPS Capital Partners, a $5.2 billion private equity fund that invests in a wide variety of companies ranging from basic industries to consumer and luxury goods.
The NFL owners approved buying a 3% stake in its largest retail licensee for $95 million, according to Sports Business Journal, and MLB made an investment for about half that amount of equity at a similar valuation.
Net income jumped 12% to $7,155,000 from $6,361,000 in the first quarter, driven by 350 basis points of gross margin expansion to 49.9% on 4% lower revenues of $267,907,000 compared to $279,140,000.
The net loss was $4,280,000 against income of $18,616,000 for the first quarter ended Mar. 31 on a 13% decline in sales to $58,722,000 from $67,676,000.
Tracy Smith was named VP & GM of Timberland North America, joining new CFO Federico Benzi and VP of operations Chris Young who were appointed earlier this spring.
March imports came in at 1.53 million TEU, below estimates, but up 15.8% from last year when Lunar New Year was a week later.
Revenue increased 8.4% to $799,884,000 from $738,172,000 for the month, and the Pou Sheng retail subsidiary saw sales gain 12.6 % to $276,178,000 from $245,288,000.
A U.S. District Court judge in Colorado ruled against defendant Columbia Sportswear, which sought to have the suit transferred to Oregon.