May 24, 2017
As expected, SCVL reported a 10% decline in net income to $16,818,000 against $18,780,000 for the 13 weeks ended Apr. 29 on a 3% dip in sales to $253,389,000 compared to $260,470,000 as the delayed tax refunds in Feb. crippled the quarter despite comp store increases in the mid-single digit range in Mar. and Apr.
Riding the shift of Easter into the month, sneaker sales rose 7% overall to $1,277.8 million from $1,191.1 million on a 7% increase in units and a flat ASP, according to NPD Group.
With Adidas also in the bidding for the N.Y. Giants star receiver, Nike will reportedly pay more than $29 million over five years, the most ever for an NFL player’s shoe deal.
Same store sales at the Chinese footwear and apparel brand gained 7.0% while its 361° Kids segment gained 7.4%. Turns in both channels are running at 4.2 times.