March 27, 2018
Net income fell 12% to $119,761,000 from $136,135,000 for the final quarter ended Jan. 28 after a $52.3 million hit from the tax reform act as revenue jumped 18% to $928,802,000 against $789,940,000 on a 2% comp gain in the retail stores and a 44% increase in its digital business.
Net loss expanded to $3,891,000 from a loss of $920,000 in Q4 ended Feb. 3 on 4% higher revenues of $243,232,000 from $234,201,000, benefitting from $13.0 million in sales in the 14th week this quarter, but comps declined 0.5%.
U.S. Treasury Secretary Steve Mnuchin is leading talks with top Chinese economic officials in hopes of reaching an agreement on trade between the two countries that would forestall the imposition of new tariffs as a result of the 301 investigation into China’s IP restrictions on U.S. companies operating there.
Overall levels of participation over recent years are relatively unchanged although the frequency of activity continues to trend downward.
The 25-year-old Yankees slugger had been rumored to be in talks with the Big a after negotiations for a long-term extension with Under Armour reportedly broke down, and he was spotted wearing the Three Stripes at spring training.
Comprehensive net income was ¥319 million ($2.8 mm) against a loss of ¥208 million in the fiscal first half ended Feb. 28, though revenues declined 9% to ¥32,255 million ($285.6 mm) from ¥35,557 million dud to the Japanese retailer’s smaller footprint.