March 15, 2018
Journeys sales jumped 16% to $452,882,000 from $391,132,000 in the final quarter ended Feb. 3 benefitting from an 11% same store sales increase coming against a 6% decline in Q4 ’16, when the teen retailer came late to the athleisure trend.
Net income was $19,936,000, up 10% from $18,184,000 for the final 14 weeks ended Feb. 3 on an 11% sales improvement to $308,245,000 against $263,635,000 which included a 7.5% comp gain for the comparable 14 weeks.
Capping a year of enormous writedowns and other financial machinations, a $66 million income tax benefit helped ICON to a $24,087,000 profit in Q4 against a loss of $297,548,000 on licensing revenues of $52,299,000, down 11% from $58,801,000.
The Big Cat is reportedly offering £45 million ($62.9 mm) annually to replace Nike as the kit sponsor of Manchester City as it closes in on the EPL Championship.
He will be replaced by Jon Barker, the current COO, who will also take over Schaefer’s seat on the board.