August 21, 2020
Total compensation of the top 119 executives at public sporting goods companies actually increased to $404,995,933 from the $376,244,579 total on last year’s table, but comparable pay for those in their position at least a year declined 18%, rebounding from 2018’s 17% increase.
Net income declined 25% to $45 million from $60 million in the second quarter on a 17% top line surge to $2,077 million from $1,774 million last year including a +18.6% blended comp, which included a 173% jump in DTC e-commerce and a 7.6% decline in same store sales.
Despite a team effort on cost cutting, the challenges of the pandemic and ongoing challenges in the market place will result in a refocusing of the fabrics division and an estimated 120 layoffs, about 10% of the division.
Woom Bikes USA is recalling about 1,900 size small children’s bike helmets because they do not meet the federal safety standard.