September 03, 2020
Net income was $48,385,000 against a loss of $2,108,000 in the fiscal first quarter ended Jul. 31, SWBI’s final quarter incorporating its outdoor segment before that business was spun off into American Outdoor Brands on Aug. 24.
Underlining the challenges facing mall stores without access to Nike, Genesco reported a loss of $19,036,000 against income of $577,000 for the second quarter ended Aug. 1 as sales fell 20% to $391,217,000 from $486,573,000.
The bottom line tumbled to a net loss of $98,214,000 in the second quarter ended Aug. 1, from a profit of $27,407,000 prior, while revenues were down 43% to $489,714,000 from $855,952,000.
Net income was cut by 43% to $5,266,000 in the second quarter from $9,284,000 last year, on revenues that were down 16% to $135,845,000 from $161,738,000, as a 40% plunge in brick-and-mortar sales to $83.9 million more than offset a 128% gain in e-commerce sales to $52.0 million.
The case is filed on behalf of the company against former CEO Kevin Plank, current CEO Patrik Frisk, the CFOs and the entire board and essentially repeats many of the arguments in earlier shareholder suits.