August 08, 2018
Led by high teens growth at its flagship outdoor brand, Wolverine Worldwide reported net income of $55.5 million, up 171% from $20.5 million, for the second quarter ended Jun. 30.
The latest round in the trade war between
Net loss at the licensing company was $79,429,000 against income of $43,641,000 in the second quarter, pulled down by a $73.3 million writedown of the Mossimo trademark this year comping against last year’s windfall from the sale of the Entertainment segment.
Net income was up 42% to $3,587,000 from $2,530,000 in the second quarter on licensing revenues that inched up to $42,207,000 from $42,144,000.
The Big a agreed to pay £60 million ($77.7 mm) per year for the next five years, roughly double what Puma had been paying during its deal which ends after the current season.
Five individuals were arrested and charged by the U.S. Attorney for So. NY for importing and distributing more than 380,000 pairs of fake Air Jordans worth about $70 million at retail, following a yearlong investigation that started with a tip from a private investigator hired by Nike.
Comprehensive net income slipped 34% to ¥299 million ($2.7 mm) from ¥456 million in the fiscal first quarter ended Jun. 30 on 9% lower revenues at ¥14,458 million ($132.5 mm) down from ¥15,916 million.
U.S. golf sales are up 8% to $2.5 billion and tennis sales are up 7% to $294.8 million for the 12 months ended Jun., 2018, according to data from research firm NPD.