May 03, 2018
While there are clear signs that the strength in Europe is starting to flag, the continued momentum in North America and China has more than offset that as Adidas reported a 19% increase in net income to €542 million ($650 mm) against €455 million as sales rose 2% in nominal terms and 10% currency neutral to €5,487 million ($6,650 mm) from €5,447 million, for the first quarter ended Mar. 31.
Net income increased 9% to $41,484,000 from $38,114,000 in the important first quarter as sales gained 2% to $441,801,000 from $433,615,000, boosted by clubs and golf gear but with lower sales of the Titleist Pro V1 and Pro V1x balls and a decline from FootJoy.
GPRO’s net loss was smaller at $76,347,000 in the first quarter against a loss of $111,150,000 last year, but revenues declined 7% to $202,346,000 from $218,614,000 and gross margin was 920 basis points lower at 22.2%.
CODI’s sporting goods brands posted mixed results in Q1, as 5.11 Tactical and Crosman had year-on-year gains, but Liberty Safe continued to struggle.
A lawsuit filed in federal court in Indianapolis charges that directors and officers of Finish Line jumped into the arms of JD Sports without properly looking for alternatives that might pay a higher price, including Sports Direct which had expressed interest in some kind of alliance.
The DE bankruptcy court approved the debt for equity swap in the pre-packaged bankruptcy of the gun maker but first sustained the objections of the U.S. trustee and the SEC to releasing Remington employees, including those of former owner Cerberus, from liability.