February 07, 2018
Net loss was $19,386,000 in the seasonally small final quarter against income of $123,271,000 last year that was boosted by a $156 million reversal of a tax valuation allowance as revenues gained 17% to $191,657,000 from $163,695,000.
In a strongly worded letter expressing his lack of confidence in the current board, the founder of the company proposed a transaction that would pay public shareholders $27.50 per share representing a 22% premium over its pre-offer price that values the company at about $431.4 million.
He will take over effective immediately from Pierre Agnes whose sailboat was lost at sea last week. Tanner has been working as chief turnaround officer at Boardriders, but he had already been scheduled to take over from Agnes when the transaction combining Boardriders and Billabong closes this Spring.
The exact number of stores that will emerge from the one-time 126-store chain is undetermined but it is estimated to be 60-70, contingent on landlord negotiations, in an effort to reduce expenses for the liquidity-challenged retailer.
ZUMZ comps for the five weeks ended Feb. 3 increased 6.3% over a 9.4% gain in the comparable four week period in fiscal 2017.
The Olin-owned ammunition maker saw Q4 sales increase 2% to $165.4 million from $161.4 million on higher military sales, but commercial sales declined and lower margins on military sales pulled earnings down to $11.1 million from $25.0 million for the fourth quarter.
Net income was ¥3.3 billion this year ($36.0 mm) for the nine months ended Dec. 31 compared to ¥0.1 billion last year despite a 2% decline in sales to ¥134.3 billion ($1,231.4 bb) compared to ¥136.4 billion.
Net income was ¥3,848 million ($35.3 mm) for the nine months ended Dec. 31 compared to ¥2,979 million, up 55%, as sales rose 16% to ¥51,774 million ($474.3 mm) from ¥44,703 million.
An unnamed designer who resigned from the company in 2014 but was brought back for certain projects through last year reportedly had an inappropriate relationship with CEO Laurent Potdevin which led to his firing.
The three-year dispute will end with a series of cross-licensing agreements that will allow both companies to bring innovation to the market faster, a statement said.
The West Coast retailer has launched Aptos for its POS, order management, CRM, merchandising, sales audit and digital commerce functions.