November 01, 2017 Hanesbrands Results Gain despite Weak U.S. Market
Profit rose 17% in the quarter ended Sep. 30 to $203,356,000 from $173,858,000 on a 2% increase in sales to $1,799,270,000 compared to $1,761,019,000, with the domestic activewear business up 1% to $519,496,000 against $516,713,000 and operating income up 8% to $79,015,000 vs. $72,962,000. Fitbit Has Huge Loss, but Sees Improving Holiday
Net loss was $113,403,000 against income of $26,120,000 in the third quarter with sales declining 22% to $392,522,000 from $503,802,000 with the red ink including an $86.2 million income tax expense from a non-cash valuation allowance change and an $8 million bad debt charge from the bankruptcy of Wynit, its largest distributor. Sturm, Ruger Declines against Last Year’s Boom
Net income dropped 53% to $9,370,000 from $19,850,000 in the third quarter as sales decreased 35% to $104,817,000 from $161,427,000 comping against the gun market exuberance leading up to the 2016 elections.
Management says the company has turned the corner as GPRO posted net income of $14,661,000 against a loss of $104,068,000 in the third quarter on a 37% jump in sales to $329,805,000 from $240,569,000 last year. Garmin Outdoor Waxes as Fitness Wanes
Net income in the outdoor segment jumped 38% to $67,810,000 from $49,271,000 on a 31% increase in sales to $184,937,000 against $141,006,000 for the third quarter ended Sep. 30, driven by strong wearables demand and introductions of a new dive watch and a bat swing sensor.
Net income was up 17% to $16,072,000 from $13,684,000 for the third quarter ended Sep. 29 on a 17% rise in sales to $127,399,000 from $109,011,000.
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