October 31, 2017
Blaming both its internal operations and the weakened athletic environment, Under Dog missed Q3 revenue forecasts as it reported net income of $54,242,000, down 58% from $128,225,000, on a 5% sales decline to $1,405,615,000 against $1,471,573,000 that was punctuated by a 12% shortfall in North American sales to $1,077,088,000 from $1,225,188,000.
Profit declined 27% to $5,950,000 from $8,187,000 for the 13 weeks ended Oct. 1 as sales fell 3% to $270,471,000 from $279,015,000 which included comps that were down 2.9% against a 6.8% increase last year when BGFV had the tailwind of a quarter after Sports Atrocity and Sport Chalet closed some 200 stores in its market.
Olin’s Winchester ammunition sales declined 10% in Q3 to $183.8 million from $203.2 million on a 20% drop in sales to commercial customers who are still destocking, but military sales were higher.
The sale of the division to Shandong Ruyi Investment Holding includes the Lycra, Coolmax, and Thermolite brands among others, along with manufacturing assets, offices and about 3,000 employees globally.