February 20, 2019
Net income was $39.3 million in the fourth quarter ended Dec. 29 against a loss of $60.8 million last year as revenues inched up to $579.6 million from $578.6 million driven by solid results from Merrell and Sperry and 5% growth in international sales.
As mid-level American and Chinese negotiators start another round of talks with the U.S. deadline of Mar. 1 for a resolution of the trade dispute, President Trump told reporters that the date is not “a magical date,” further distancing himself from his earlier comments that he would raise tariffs on some $200 billion in Chinese goods coming into the U.S.
The outdoor category led the company with a 25% sales increase in Q4 ended Dec. 31 to $254,568,000 against $203,278,000 with the new watches making a “significant” contribution and bringing the category for the year to sales of $908,883,000, up 18% to $698,867,000.
The conviction of James Gatto, Merle Code and Christian Dawkins on conspiracy charges had relatively little impact on college basketball beyond the firing of coach Rick Pitino from Louisville and the guilty pleas of several assistant coaches, but a second trial this April of Code and Dawkins on federal bribery charges promises to be much more revealing in terms of the actual nuts and bolts of college basketball recruiting, according to a story in Yahoo Sports.
Big Foot’s board approved a $275 million capital expenditures program for 2019, up from the approximately $200 million in 2018, emphasizing investments in stores, especially in Asia, and on its digital initiatives.
Net income was down 52% to $3,580,000 from $7,459,000 in the fourth quarter ended Dec. 30 lapping last year’s $3.0 million benefit from the Tax Act, as revenues gained 5% to $50,992,000 from $48,685,000.
Snow sports retail sales got off to a strong start, with favorable weather and early snowfalls boosting sales across the country, according to point of sale data from Snowsports Industries America and NPD Group.