October 18, 2019
The casual footwear sales continued to accelerate in 2018, gaining 4.2% worldwide to $13,325 million from $12,793 million against a 3.6% improvement in 2017, led by outsized results from a few key vendors.
Sales are expected to fall about $50 million below forecast because of weak imprintable sales in North America and overseas and that weakness is expected to persist through the fourth quarter, GIL said in announcing that its EPS for Q3 would be about $0.51 ($103.9 mm), down 7% against last year, on sales of $740 million, off 2%.
The new apparel manufacturing facility located in Vietnam will be dedicated to apparel production for the Three Stripes, and is expected to begin operations in 2021.
Former NBA referee Rashan Michel, who now owns a high-end clothing store whose clients include many basketball players, received a sentence of two years probation for his role in the scandal.