May 26, 2020
Net loss in the first quarter was $15,287,000 that included a $19,661,000 non-cash goodwill impairment charge against a profit of $27,857,000 last year on 21% lower revenues of $269,837,000 down from $343,295,000.
Net income at the Chinese retailer grew 5% in the year ended Feb. 29 to RMB2,303.4 million ($333.4 mm) from RMB2,199.8 million on 3% higher sales of RMB33,690.2 million ($4,877.0 mm) up from RMB32,564.4 million.
Net loss was ¥2,481 million ($22.8 mm) in the fiscal year ended Mar. 31 against a profit of ¥3,944 million last year while revenues declined 13% to ¥124,561 million ($1,142.3 mm) down from ¥142,443 million.
Tecnica Group revenues increased 6% last year to a record €424.0 million ($474.8 mm) including a 20% jump in the U.S. and a 42% improvement in Canada, accelerated by the creation of a single sales organization in North America for the group’s brands, except for Lowa.
The family-owned outdoor retailer named Perkins to succeed outgoing president & CEO Bill McLaughlin, who will act as an advisor through a transition period.
The longtime industry researcher and friend of ours died on May 15 from Covid-19 contracted after undergoing bypass surgery for a heart attack. He was 89.