March 12, 2020
The NBA’s decision to suspend its season indefinitely was not the first cancellation of a major sporting event, but the sweeping move by commissioner Adam Silver will likely spur other officials and organizers to follow suit.
The declaration of chief restructuring officer Robert Duffy of Berkeley Research Group estimates that the balance sheet shows assets of $220 million against liabilities of $288 million for the business which had sales of $490 million and purchases $225 million in inventory from about 250 vendors during the course of the year.
Net earnings for the fourth quarter ended Feb. 1 were $35,562,000 against a loss of $63,971,000, as revenues were up slightly to $677,579,000 from $675,491,000 helped by a 1% improvement at Journey’s.
A 28% improvement in net income to $37,885,000 from $29,612,000 finished the year, as sales increased 8% in the final quarter to $328,754,000 from $304,564,000 on a +6.4% comp over a +3.9% comp the prior year.
Store traffic in the past week has fallen by “at least double digits” in all markets as coronavirus awareness has ramped up, though e-commerce sales have improved, the teen retailer said on its Q4 conference call.
Operating income rose 19% to $6,860,000 from $5,757,000 for the final 13 weeks ended Feb. 1 on a 1% gain in revenue to $369,468,000 from $365,160,000 that included a 5.1% comp store improvement.
Dorel’s sports segment had an operating profit of $9,780,000 in the final quarter against a loss of $232,084,000 in Q4 ’18 that included $237.2 million in impairment charges.
CLAR which hinted on its Q4 earnings call that it was acquiring another “super fan” brand, will pay $85 million in cash and 1,153,846 shares of its stock for the Orange, CA-based maker of molded polymer transport cases.
Hicks was promoted to the top job from his post as president of CTC’s $9 billion Canadian Tire Retail business unit, and will also join its board.
HIBB’s long time SVP of operations is leaving the company to pursue other interests, and is being replaced in the role by City Sports import Ben Knighten.