October 29, 2018
Net income was almost halved to $4,309,000 from $8,241,000 in the third quarter on 3% higher revenues of $91,057,000 compared to $88,132,000 as gross margin plunged 460 basis points to 42.3%.
HIBB will pay $88 million in cash plus up to an additional $25 million earnout over the next two years for the Memphis, TN-based chain, which sells a very similar assortment of branded sneakers and apparel as Hibbett.
The cash strapped licensing firm, whose principal brands include Cherokee, Tony Hawk and Hi-Tec, has filed a registration statement that will offer as yet unspecified units of stock, warrants, debt securities and preferred stock as well as selling another 2.8 million shares valued at $1.7 million.
CoCo Gauff, who made the U.S. Open girls final at the age of 13 and won the French Open girls tournament earlier in the year, has been signed to a multi-year contract by New Balance.
Charlesbank Capital Partners, which recently brought Rockport out of bankruptcy, acquired the sandal and apparel brand for undisclosed terms in a deal announced earlier this month.
The 30-year-old Callaway-owned golf bag and accessories brand is getting a makeover, including a revised logo, new website, brand messaging changes, and additions to its product line.
The maker of the Oxygen Lip Protector filed suit in Nebraska federal court claiming that Soldier Sports, which is run by the inventor of the patented product, Jeffrey Evans, assigned the rights to his product to it and is now selling an infringing product.