February 25, 2021
A $222.2 million non-cash impairment charge to write down the Sperry brand contributed to a net loss of $171.2 million in the fourth quarter ended Jan. 2, against a loss of $0.5 million last year, on 16% lower revenues of $509.6 million down from $607.4 million.
Net income grew 21% in the fourth quarter to $21,600,000 from $17,859,000 on 14% higher sales of $420,494,000 up from $368,271,000 driven by improvements in all categories and geographies.
Net income more than doubled to $67,352,000 from $32,512,000 for the fourth quarter on revenues up 5% to $690,155,000 from $658,673,000 that included an 11% improvement in activewear sales to $537.9 million.
Net income was up 41% in Q4 to $31,796,000 from $22,522,000 on sales that also gained 41% to $262,391,000 from $185,881,000, driven by a 45% jump in specialty sports group bike products and a 39% increase in powered vehicles group sales.
The Big Cat was turned down by the U.S. Patent and Trademark Office when it tried to register the trademark “Puma Tokyo 2021” last year, and now the U.S Olympic and Paralympic Committee is suing Puma in CO federal court.
The department store’s Ch. 11 filing in the Southern District of TX proceeded according to the carefully crafted plan worked out between controlling shareholder Sycamore Partners and debt holders KKR and Blackstone.
Nike’s bid to have Lontex Corp.’s trademark infringement lawsuit dismissed was rebuffed by a Philadelphia federal court judge, who ruled that the case can proceed to trial.
The National Retail Federation is forecasting 2021 retail sales will grow between 6.5% and 8.2% to more than $4.33 trillion, gathering momentum as more consumers get vaccinated against Covid-19.
BGFV has entered into a new loan agreement with Bank of America for a $150 million secured revolving credit facility that expires in Feb. 2026.