May 11, 2022
Profit attributable to shareholders slipped 17% in the first quarter to ¥8,725 million ($75.1 mm) from ¥10,485 million last year, as revenues inched down 1% (-6% constant currency) to ¥105,329 million ($906.4 mm) from ¥106,549 million.
Net income attributable to shareholders tumbled 75% in the first quarter to $9.7 million from $38.5 million, while revenues increased 20% to $614.8 million from $510.7 million with four of Wolverine’s five leading brands posting revenue gains.
Gross margin pressure sent net income down 16% in the first quarter to $25,659,000 from $30,523,000 despite 19% higher revenues that hit $293,628,000 up from $247,554,000.
Consolidated net income was BRL 17,278,000 ($3.3 mm) in the first quarter, against a loss of BRL 36,164,000 last year, as revenues increased 59% to BRL 1,633,108,000 ($311.6 mm) after excluding inter-group eliminations and returns, up from BRL 1,026,470,000.
Kohl’s shareholders fired the final volley in support of the embattled retailer at its annual meeting, voting to retain the current 13 board members over activist investor Macellum’s slate of 10 directors.
The Swedish sports and outdoor company expanded its 2030 revenue target to SEK 20 billion ($3.2 bb), up from SEK 10.4 billion last year, while maintaining an EBIT margin of more than 20%.
The Eager Beavertons asked a NY District Court Judge to append counterfeiting claims and false advertising to the current trademark infringement suit against sneaker marketplace StockX over Nike-branded NFTs.
In Jan., the International Trade Commission issued a general exclusion prohibiting the importation of any infringing or counterfeit Hydro Flask products by anyone.