August 01, 2018
In reporting net income of $140,633,000, down 18% from $172,532,000 for the second quarter ended Jun. 30 on a 4% increase in revenue to $1,715,443,00 from $1,646,610,000, HBI said that its mass market sub-brand C9 would continue through this year and next but Target did not renew the contract that expires on Jan. 31, 2020.
Second quarter net loss more than doubled to $118,268,000 from a loss of $58,240,000 last year, and a sellout of the new Versa smartwatch wasn’t enough to keep revenues from tumbling 15% to $299,344,000 from $353,299,000.
With talks stalled between Chinese and American officials over the trade dispute, the Trump Administration is threatening to increase the duty rate to 25% from the original 10% on $200 billion in China-made goods if talks between the two countries don’t produce concessions from China on its IP practices.
The majority-owned Berkshire partners company acquired the assets of Pro Performance Sports which makes the SKLZ training products and launches Implus into a new category of sporting goods.
GRMN’s fast-growing fitness wearable business jumped again in the second quarter, with a 24% top line gain to $225,095,000 from $181,022,000 and 40% higher operating income at $52,548,000 up from $37,487,000.
Net income improved 34% to $18,369,000 from $13,726,000 for the period ended Jun. 29 as sales jumped 30% to $156,825,000 from $120,811,000.
The Olin-owned ammunition maker saw operating income drop 38% to $11.8 million from $19.0 million in the second quarter on 2% lower revenues of $165.9 million, down from $169.4 million.
Johnson Health Tech is recalling about 3,000 Matrix Fitness Ascent Trainers and ellipticals because moisture can build up in the power socket, causing a short circuit and a fire hazard.