May 04, 2022
Net income jumped 52% to $144.3 million over $95.0 million on net sales that were up 31% to $774.9 million from $589.6 million, driven by a 38% improvement in Activewear sales to $667.3 million on higher selling prices and lower promo activity.
Net income dropped 21% in the first quarter to $30,232,000, from $38,192,000 last year, on a 10% decline in sales to $166,575,000 down from $184,377,000, lapping 2021’s record Q1.
Revenues saw a 61% boost to €589,861,000 ($661.6 mm) from €365,459,000 for the first quarter, rising 60% in constant currency. Sales for the Moncler brand gained 30% (29%) to €473,383,000 on double-digit gains in all markets.
Net income rose nearly four fold to BRL 53,979,000 ($10.3 mm) from BRL 14,608,000 in the first quarter, as net sales jumped 53% to BRL 477,750,000 ($91.2 mm) from BRL 311,886,000 helped by the addition of Mizuno in Mar. ‘21, and solid organic growth from Under Armour and Olympikus.
The Weyco-owned outdoor footwear brand posted a strong, 72% Q1 revenue increase, lapping a 32% improvement last year.
The ratings agency affirmed Outerstuff’s Caa2 corporate family and Caa3 debt ratings, but changed its outlook on the league licensed kids’ apparel company to negative from positive.
Glass Lewis recommended that shareholders vote for the 13 Kohl’s director nominees put forth by management at its May 11 annual meeting, which would prevent Macellum Advisors from gaining seats on the board.