November 17, 2017
Although net income fell 35% to $102 million from $157 million and sales were down 1% to $1,870 million from $1,886 million for the third quarter ended Oct. 28, Big Foot easily exceeded guidance and laid out some clear plans for how it expects to compete in a dynamic marketplace.
Heavy promotions to clear inventory salvaged what was expected to be an awful third quarter, but the bottom line suffered a 48% drop to $7,564,000 from $14,604,000 as gross margin tumbled 340 basis points to 32.0% from the markdowns.
The Gap-owned chain is showing strong top and bottom line momentum, the company said on its earnings call.
Latin Amerca’s largest sporting goods retailer has plans for a public offering that will be used to expand the 187-store chain based in Sao Paulo.
The long-rumored deal to replace Adidas as the club’s kit supplier is reported to pay the club €12 million ($14.1 mm) annually for five years.
John Cornyn (R-TX) introduced legislation that would penalize federal agencies that do not report disqualifying data to the FBI for federally-mandated background checks and also incentivizes states to improve their reporting.
The late filing of its 10Q as it conducts an impairment charge review on its brands prompted a letter from its stock exchange saying it was not in compliance with reporting requirements and asked the firm to submit a plan to have the situation corrected by Jan. 16.