October 28, 2020
The Big Cat bounced back from its difficult second quarter with a return to top- and bottom-line growth in Q3, including net income that increased 13% to €113.6 million ($132.9 mm) from €132.9 million on 7% higher revenues of €1,583.4 million ($1,851.9 mm) vs. €1,477.6 million that would have been up 13% constant currency.
While the main argument of plaintiffs that Under Dog inflated quarterly sales from 2015 to with shady accounting practices remains intact, the third amended complaint in one of several shareholders suits turns up the volume on the practices.
Strong gains on the top and bottom lines for its fitness and outdoor segments helped propel Garmin to net income of $313,417,000 against $227,866,000 for the 13 weeks ended Sep. 26 on a 19% increase in sales to $1,109,194,000 from $934,383,000.
5.11 Tactical, Liberty Safe, Marucci Sports and Velocity Outdoor all posted sales and operating income gains in the third quarter helped by the booming firearms and outdoor markets.
In the first 17 weeks of FY21 since Jun. 28, the multi-banner down-under retailer said that Rebel Sports same store sales grew 16% and e-commerce soared 184%, despite government imposed lockdowns in Melbourne and Auckland.
The fitness band company closed a $100 million Series E financing round at a $1.2 billion valuation led by IVP, with participation from more than a dozen other funds and professional athletes.
The Chinese retailer’s controlling shareholder, Belle Sports Limited, will distribute the 78.4% of Topsports shares it owns to its own shareholders, in proportion to their Belle holdings.