March 11, 2021
Net income soared 153% in the fourth quarter to $89,918,000 from $35,562,000 on 6% lower revenues of $636,801,000 down from $677,579,000 helped by nearly flat sales at Journeys while Schuh and Johnston & Murphy continued to struggle.
The bottom line improved by 13% in the important Holiday quarter to $42,797,000 from $37,885,000, on revenues that inched up 1% to $331,536,000 from $328,754,000 including a 4.7% positive comp at open stores on top of last year’s +6.4% comp.
Net income gained 41% to $8,871,000 from $6,273,000 on 3% higher revenues of $177,920,000 from $172,479,000, and a blended comp that was up 2.5%, while store comps fell 12.3%.
MTN’s retail/rental businesses continue to be harder hit by the pandemic than its ski revenues, as operating restrictions including store capacity limits have been imposed at many its resorts.
The investor group that holds 9.5% of KSS shares scaled back its attack on the retailer, and is now proposing only five nominees for the 12-member board, down from nine originally.
Anniversarying China’s coronavirus shutdown last year, Yue Yuen revenue jumped 77% to $755,457,000 from $426,778,000 in Feb., and is up 25% year to date.
The golf venue operator’s corporate family rating was upgraded to B3 from Caa1, with similar upgrades to its other ratings, and Moody’s changed its outlook to stable based on the implied post-merger support by Callaway.