November 16, 2020
With revenues projected to surpass $150 million this year and an 18-store test just now starting at its parent company’s retail stores, Mirror remains a fairly distant spec in Peloton’s rear view mirror, but as rear view mirrors unfailingly warn, “Objects May be Closer Than They Appear.”
Consolidated net profit slipped 3% in the third quarter to KRW 95,115 million ($80.1 mm) from KRW 98,450 million, on 6% higher revenues of KRW 917,431 million ($772.5 mm) up from KRW 866,986 million.
Net income was $4,437,000 in the third quarter against a loss of $18,680,000 last year, helped by a $3.7 million gain on the sale of two non-core brands in July, and lapping last year’s $33.1 million impairment charge in the period.
The licensing company benefitted from a $74.1 million gain from the sale of its interest in Umbro China ($59.6 million) and Starter China ($14.5 million), sending Q3 into the black with a profit of $45,726,000 against a loss of $35,708,000 last year.
Net income attributable to shareholders in the fiscal first half ended Sep. 30 was HK$ 230,809,000 ($29.8 mm), up 45% from HK$ 159,082,000 last year, on 2% higher sales of HK$ 1,923,855,000 ($248.2 mm) vs. HK$ 1,891,994,000.
Impo International is accusing Skechers of copying its patented sandal upper designs in a suit filed in Central CA federal court.