November 18, 2020
Net income moved up 1% to $14,678,000 is Q3 from $13,726,000 last year, but revenue was flat, inching down to $274,579,000 from $274,645,000, and slowing sequentially from its strong rebound in the second quarter.
Revenues at Sumitomo Tire’s sports division grew 3% to ¥19,970 million ($188.2 mm) from ¥19,354 million, bouncing back from Q2’s plunge as golf equipment sales took off after lockdowns lifted in North America and Europe.
Net income was ¥915 million ($8.6 mm) in the fiscal second quarter ended Sep. 30, down 59% from ¥2,222 million last year, as revenues slipped 16% to ¥19,358 million ($182.5 mm) from ¥23,094 million.
Sentinel Capital Partners, which acquired GSM from Huron Capital Partners in 2018, has divested the hunting, shooting and outdoor company to PE firm Gridiron Capital.
The TJX-owned outdoor retailer ended the third quarter with 48 doors, up two from the end of Q2.
The Canadian hockey company will donate C$100,000 in equipment to support youth sports and cease making claims that its Dynamic 9 Pro hockey helmet could reduce the risk of concussions, in a settlement with that country’s Competition Bureau.