May 07, 2020
What should have been a strong year based on a fast start and the prospect of the Euro Cup and Olympics deteriorated rapidly in Q1 as Puma reported net income plunged 62% to €36.2 million ($39.1 mm) from €94.4 million for the quarter ended Mar. 31 as revenue dipped 1% to €1,299.8 million ($1,405.2 mm) from €1,319.3 million.
Net income fell 41% to $28,894,000 from $48,647,000 in the first quarter on 14% lower sales of $442,276,000 against $516,197,000 including a 10% drop in golf equipment and a 22% decline in apparel, gear and other sales.
Net income attributable to Acushnet Holdings Corp. dropped off 75% to $8,877,000 from $34,926,000 on 6% lower sales (-5% CC) of $408,741,000 down from $433,702,000.
A $155.6 million goodwill impairment charge sent VSTO into the red, with a fiscal fourth quarter net loss of $141,214,000 against a loss of $48,635,000 last year, on 17% lower revenues of $426,311,000 down from $515,336,000.
Net income increased 18% to $15,338,000 from $13,033,000 in the first quarter on 8% higher sales of $123,639,000 against $114,038,000 as coronavirus-driven demand cleaned out inventories at retailers and distributors.
Canadian Tire’s sporting goods banners had a 12% decline in Q1 revenues to C$370.1 million ($275.4 mm) from C$421.1 million including a 1.8% drop in same store sales, down from a +3.4% comp last year.
Net income nearly quadrupled to $8,480,000 from $2,167,000, bolstered by a $2.1 million net tax benefit, on sales that increased 12% to $174,412,000 over $155,353,000, after growing at a 21% pace through mid-March before dropping 25% in the final two weeks.