January 09, 2018
Same store sales plummeted 9.4% against a 3.1% increase last year for the final quarter ended Dec. 31, the retailer said in a preliminary announcement of its results, and it expects to record a loss of $0.08-13 per share ($2.3 mm) for the period as dry, warm weather in its Western markets saw nearly a 50% decline in winter sports sales for the period.
Citing some large shortfalls in its budgeted sales and cash flow projections in recent weeks, Comvest objected to the retailer’s proposed new $5 million loan from the brother of a principal on the grounds that its security interest wouldn’t be adequately protected and urged the court to reject the new financing.
Giving more detail on its early release of Holiday comps to the ICR conference, Genesco said the -14% comp at Lids was about two-thirds the result of a weak market for NFL licensed products combined with comping up against the Cubs World Series win last year.
G-III’s licensed team sports business, which has annual sales of about $100 million, is increasingly emphasizing online channels, specifically Fanatics and Amazon, it said in a presentation to the ICR conference.
The ratings agency said it would review the Caa1 corporate rating of Boardriders on its 9.5% senior notes due 2020 because of its pending merger with Billabong, noting that the transaction combines two premier action sports companies with overlapping product offerings and geographic footprints that could drive “material cost savings over time.”
The new office in Tokyo will be headed up by Masanori Kawana, MD for Fanatics Japan, with an initial team of 30 employees, mostly drawn from the existing in-country staff of Majestic, which Fanatics acquired last May.
Both major outdoor brands are not planning to exhibit at the Outdoor Retailer show in Denver later this month, according to a story in Gear Junkie.
Spalding is transferring its baseball, football, soccer and volleyball business to BSN, which will source, distribute and service all Spalding branded products in those categories effective Jan. 19.
Boosted by a strong Holiday season, total retail imports for the year exceeded earlier estimates, gaining 7% to a record 20.1 million TEU from last year’s 18.8 million TEU according to the NRF’s Global Port Tracker report.