August 26, 2020
Net income nearly tripled to $114,340,000 from $38,501,000 for the 13 weeks ended Aug. 1 as sales jumped 20% to $2,713,373,000 from $2,259,212,000 with comps soaring 20.7% overall that were up around 30% in Jun. and Jul. after the stores had all reopened.
Giant Group net income gained 25% to NT$2.2 billion ($74.8 million) in the first half over NT$1.7 billion last year on surging sales driven by consumers’ newfound interest in cycling due to the pandemic.
The small market-focused retailer is realigning its regional leadership under president and CEO, Mike Longo, and SVP operations, Ben Knighten, naming six regional vice presidents for the Hibbett banner and a new VP of operations overseeing City Gear.
Following the news earlier this week that Nike was cutting off the 24-door mid-tier department store chain, the U.K.-based parent said it would conduct a strategic review of Bob’s.