May 09, 2019
Citing a weak U.S. footwear environment exacerbated by weather, Wolverine Worldwide net income fell 13% to $40.5 million from $46.7 million for the first quarter ended Mar. 30 as sales declined 2% to $523.4 million from $534.1 million.
Net income dropped 23% to $48,647,000 from $62,855,000 in the first quarter on 28% higher sales of $516,197,000 up from $403,191,000 that included a $93 million bump from Jack Wolfskin and double digit improvement from TravisMathew.
The net loss was $48,635,000 compared to $15,922,000 for the final fiscal quarter ended Mar. 31 as sales fell 10% to $515,336,000 from $571,227,000 with the additional red ink the result of a $36.4 million impairment charge on the Savage gun business held for sale.
Sales at Canadian Tire’s SportChek sporting goods segment inched down to C$421.1 million ($316.6 mm) in the first quarter compared to $421.2 million last year, but comp store sales increased 3.4%, lapping a +3.8% comp in Q1 ‘18.
Net loss narrowed by 68% for Q1 to $24,365,000 from a loss of $76,347,000 as revenues increased 20% to $242,708,000.
Nike Fit leverages technology acquired last year from Israeli software company Invertex, which uses the smartphone camera to take a picture of the user’s feet, and collects 13 data points from the image to map the morphology for each foot.
Igloo Products is recalling about 60,000 Marine Elite coolers in 54, 72, 94, 110, and 150 quart sizes, because their stainless steel latch can automatically lock when the lid is closed, allowing a person to become locked inside the air tight container.