June 29, 2017
Net income rose 18% to $1,008 million from $846 million on a sales increase of 5% to $8,677 million from $8,244 million for the final quarter ended May 31 as recent belt-tightening measures on the overhead and a reduction in demand creation expense during an off year more than offset a 180 b.p. decline in gross margin to 44.1% for the period.
Net income declined 22% to 27,694,000 from $35,647,000 in the fiscal fourth quarter ended Apr. 30 on revenues that were 4% higher at $229,186,000 from $221,117,000 with both numbers exceeding the company’s guidance which was lowered after Q3.
The footwear maker’s efforts to shift its mix away from low-margin product helped push comprehensive net income up 35% to HK$126,183,000 ($17.0 million) from HK$93,217,000 for the fiscal year ended Mar. 31 even as sales slipped 21% to HK$1,830,267,000 ($234.6 million) from HK$2,308,161,000.
The wholesale value of the outdoor market rose 3% to €5.47 billion ($6,214 mm) in 2016, according to a study by the European Outdoor Group on the sector.
Skechers, New Balance, Walmart and Hu Liquidation file papers supporting the International Trade Commission’s recent decision that denied Converse design protection on the Chuck Taylor All-Star.
Revenue improved 6% to NOK 2,661 million ($315.7 mm) from NOK 2,500 million following a 25% reduction in the product line while EBITDA rose 24% to a record NOK 204 million ($24.2 mm) compared to NOK 165 million, the company said in a release on the FY ended Dec. 31.
Under a proclamation issued by the President, all travel goods imported from GSP-eligible countries will be granted duty free access, reducing tariffs that were as much as 33%.
He will take over from Ron Steele who will retire Jul. 17 after nearly 40 years with the brand but remain as an advisor to Goulet and Rossi global chief Bruno Cercley until Sep. 1.
Nate Smith, formerly with Oakley, will take over from Greg Healy, who is returning to Australia to head up the APAC region for the successor company to Quiksilver.
The startup headed by California Institute of Technology chemists Akram Boukai and Douglas Tham is seeking to raise a total of $17.3 million to fund development and production of body heat powered smartwatches.
DECK will end BBC International’s license effective the end of 2017, and take over direct control of product development, production and distribution, Footwear News reported.
Remensnyder has been president since 2011of the Springfield, MO-based supplier of reels, rods and accessories which does business as Lew’s Fishing.