November 07, 2019
China said the two countries have now agreed to lift tariffs in stages as part of the Phase One Trade Deal now being negotiated, fulfilling a key objective of China in the talks.
With a higher tax rate and an added $7.0 million in pre-tax environmental cleanup costs, net income was $48.6 million, down 17% from $58.8 million, for the third quarter ended Sep. 28 as sales increased 3% to $574.3 million from $558.6 million.
Net loss narrowed to $11,898,000 in the fiscal second quarter ended Sep. 29 from a loss of $32,818,000 last year that included a $23 million impairment charge, as revenues declined 19% to $445,016,000 from $546,585,000.
Sales at Canadian Tire’s sports banners grew 3% in the third quarter to C$543.3 million ($411.3 mm) up from $528.5 million including same store sales that were up 4.6% lapping a 2.2% increase last year.
Net loss for the third quarter was $10,689,000 compared to a profit of $4,309,000, as revenues were off 32% to $61,708,000 from $91,057,000.
In a continuation of the strategic shift announced in September, CWH confirmed it will close 28 of the 37 remaining Gander Outdoors locations that have not been converted into RV dealerships, along with two of the seven brick-and-mortar stores operated by TheHouse.com.
Net loss expanded 176% to $74,810,000 in the third quarter from a loss of $27,089,000 last year as revenues plummeted 54% to $131,169,000 from $285,936,000 as a production delay pushed deliveries of the new Hero8 cameras into Q4.
Murphy Falcon & Murphy, a Baltimore firm, filed the first lawsuit of several lawsuits against Under Armour over the recent disclosure of a federal probe by the Justice Department and the SEC over its revenue recognition practices.
The private equity-owned online retailer, which first registered the Backcountry service mark in 2007, has filed a number of lawsuits in the past two years targeting small brands and retailers that use the word in their store name or product names.
Billabong and Quiksilver e-commerce sites and back office systems were the target of a cyber attack by international hackers, according to multiple reports in Australian media.