August 30, 2017
Net income declined 5% to $3,896,000 against $4,104,000 for the 13 weeks ended Jul. 29 as sales increased 1% to $235,064,000 from $231,907,000 on a 0.4% comp store gain despite a low-single-digit decline in store traffic and the net addition of two stores.
The net loss grew to AUD 71.1 million ($61.3 mm) from a loss of AUD 23.7 million for the FY ended Jun. 30 on a 9% decline in sales to AUD 974.7 million ($775.1 mm) from AUD 1,069.0 million, but BBG noted that EBITDA excluding discontinued operations and restructuring items doubled to AUD 99.3 million from AUD 49.8 million the year before, led by a significant improvement in its U.S. operations.
The parent of Wilson, Salomon, Atomic and other brands revised its topline target for 2020 from €3.5 billion to mid-single-digit currency neutral growth while maintaining its bottom line forecast of exceeding top line growth during that period and generating at least 80% of net profit as free cash flow and keeping year end debt below three times cash flow.
Senior unsecured debt was raised to Baa2 from Baa3 with a stable outlook, as Moody’s said it recognized the progress BC had made in diversifying away from the cyclical boat business and in lowering its leverage.
A civil case involving a former employee who is alleged to have accessed COLM’s internal computer network without authorization has been settled.