July 24, 2017
VF is starting to see growth again in its Big Three brands but that is almost entirely driven by DTC activity as it reported net income of $109,889,000, up 115% from $51,015,000 last year on a 2% improvement in sales to $2,333,288,000 from $2,294,762,000 for the three months ended Jun. 30.
HIBB stock fell over 30% on heavy trading as the retailer pre-announced a weak second quarter that will see comps decline an expected 10% in Q2 citing very challenging sales trends and pressure on gross margin that will produce a loss expected to be 19-22 cents per share ($4.4 million) compared to a consensus estimate of a 15 cents per share profit.
North American retail, which includes Sunglass Hut and Oakley, increased 1.8% in the second quarter (down 0.6% constant currency) to €1,138 million ($1,325 million) from €1,118 million benefitting from improved in-store execution but negatively affected by the reduction of promotional activities here.
San Diego Hat Company has purchased property and will build an 83,000-sq.-ft. industrial warehouse and office building in So. CA.