February 24, 2020
After reports last week that new cases of COVID-19 were slowing and operations were resuming at key suppliers and retailers in the PRC, fresh cases in Italy and South Korea reported over the weekend ignited fears that the coronavirus is now spreading globally.
Huge cuts to SG&A in the final quarter resulted in net income of $3,487,000 up from $1,362,000 prior despite 10% lower revenues of $104,173,000 vs. $115,385,000 on plunging direct segment sales.
Net income at the multi-brand skate company declined 9% to A$3,884,000 ($2.7 mm) from A$4,262,000 in the fiscal first half ended Dec. 31 despite a one-time A$3,745,000 net gain from the sale of Dwindle, as revenues slipped slightly to A$77,960,000 ($54.2 mm) from A$78,117,000.
The running brand’s sales last year gained just 3.5%, a substantial deceleration from the 28% increase we estimated in 2018, according to a note in parent Berkshire Hathaway’s 10-K.
COLM is being sued in Portland, OR, federal court by former employee Franklin Ponds, who accuses the company of race discrimination, creating a hostile work environment, and retaliation for reporting gender and race discrimination.
The Eager Beavertons are suing Soulection LLC in Los Angeles federal court asking for a declaratory judgment that the tongue graphic on its Nike SB Shane shoe does not infringe on the music company’s logo.