July 24, 2019
With Vans and The North Face both showing stronger than expected growth, VF reported net income of $49,221,000 against $160,358,000 for the fiscal first quarter ended Jun. 30 on a 6% improvement in revenue to $2,271,479,000 compared to $2,137,135,000, which included the spin-off of the Kontoor jeans business, acquisition of Altra and Icebreaker and costs from the headquarters move to Denver.
Net income for the first half of 2019 grew 14% to €69,989,000 ($78.6 mm) from €61,628,000, including a €1.3 million negative impact this year from the IFRS 16 lease accounting rule change, on revenues that increased 16% to €570,246,000 ($640.7 mm) from €493,544,000.
VSTO laid off 14 from its Bell, Giro and Blackburn headquarters in Scotts Valley, CA, Bicycle Retailer reported, and CLAR cut 70 manufacturing jobs in Salt Lake City, according to a story in SNEWS.
A waffle shoe made by Nike co-founder Bill Bowerman for the 1972 Olympic trials but never worn has been sold for the record price by Sotheby’s at a special auction in conjunction with Stadium Goods.
Net income increased 19% in the second quarter to $3,156,000 from $2,649,000 on 6% higher revenues of $61,959,000 up from $58,206,000, driven by over 20% growth in its retail division to $14.1 million.
Athleta president since 2013 Nancy Green has moved over to Old Navy, GPS’ largest banner, as president and chief creative officer a newly created position.
The rugged fashion boot maker is suing online retailers BooHoo, Nasty Gal and Pretty Little Thing for selling several footwear styles that copy its designs.