February 07, 2019
Nine figures of impairment charges contributed to a net loss of $514,642,000 in the fiscal third quarter ended Dec. 30 against a profit of $53,743,000 last year, as revenues cratered 20% to $467,771,000 from $581,204,000 and were down 13% excluding the divested Bolle, Serengeti and Cebe brands.
In its seasonally most important quarter, COLM saw record net income of $113,260,000 against a loss of $7,072,000 that was hit by $95.6 million in incremental costs from the Tax Reform Act last year as sales soared 18% to $917,598,000 from $776,041,000 for the three months ended Dec. 31.
The bottom line swung to a profit of $47.4 million in the fourth quarter against a loss of $66.7 million last year that included a $100 million Tax Act charge, as revenues gained 11% to $1,080.8 million from $970.6 million.
Net income dipped 1% to €51.0 million ($58.1 mm) from €51.7 million on an 11% increase in sales to €874.2 million ($995.4 mm) from €786.0 million for the final quarter ended Dec. 31, bringing the net result for the year to €124.9 million ($142.2 mm), up 33% from €93.8 million on a 4% improvement in total sales to €2,678.2 million ($3,049.5 million) from €2,574.6 million.
Making by far its most aggressive move to adapt to Nike’s burgeoning DTC strategy, Big Foot will take a minority position in one of the premier retailers in the secondary sneaker market that it said will over time result in the two companies combining their digital capabilities and brick-and-mortar footprint.
Net income was $161,621,000 for the final quarter against a loss of $384,611,000 last year that included a $457 million deferred tax asset writedown, as revenues were 8% higher at $1,768,301,000 vs. $1,645,175,000 on strong Champion brand growth in the Activewear and International segments.
Reflecting the 53rd week last year, ZUMZ’ total sales decreased 18.3% to $53.9 million for the four weeks ended Feb. 2, compared to $66.0 million for the five week period ending Feb. 3 last year.