August 02, 2017
The once high-flying wearables brand reported a net loss of $58,240,000 against income of $6,341,000 for the three months ended Jul. 1 as sales plummeted 40% to $353,299,000 from $586,528,000 as the domestic market for consumers who want a fitness tracker and don’t already have one continues to shrink.
GRMN’s Outdoor segment shot higher in the second quarter ended Jul. 1, with sales surging 46% to $194,776,000 million from $133,096,000 and operating income up 53% to $74,284,000 from $48,565,000.
ICON will retire its convertible senior subordinated notes due in Mar. 2018 with a new five-year $300 million senior secured term loan from Deutsche Bank.
The 70-year-old boat shoe brand was sold for €12 million ($14.2 million) as part of WWW’s portfolio review announced in its Wolverine Way Forward restructuring plan.
The long-time sponsor of Major League Soccer has been extended for six more years, covering the leagues and its clubs as well as the youth academies and youth clubs.