June 02, 2022
Net income increased 31% to $189,998,000 from $144,956,000 for the period ended May 1 as total revenues rose 32% to $1,613,463,000 from $1,226,465,000, including a +29% comp that was up 24% in stores and 33% in the digital segment.
Net income increased 54% to $26,182,000 from $17,026,000 on net sales that were up 18% to $830,543,000 from $703,155,000 in the first quarter, including a 15.3% comp sales increase on top on last year’s 52.2% rebound.
The teen retailer saw red ink in the first quarter, reporting a net loss of $397,000 against a profit of $26,385,000, as sales dropped 21% to $220,686,000 from $279,069,000.
Net income plunged to just $813,000 in the first quarter from $10,959,000 on 11% lower sales of $145,775,000 against $163,157,000, lapping last year’s record top and bottom line results that were driven by pent-up demand and government stimulus.
The net loss expanded to €36.7 million ($41.2 mm) in the fiscal second quarter ended Mar. 31 from a loss of €10.5 million last year, on 47% higher revenues of €268.7 million ($301.9 mm) up from €182.2 million.
NSSF-adjusted NICS FBI background checks were off 11% in May to 1,174,791 from 1,324,419 a year ago, in what is a seasonally slow month for firearms sales, and are down 21% year-to-date.
G-III completed its previously announced acquisition of the remaining 81% stake of fashion brand Karl Lagerfeld for €200 million (approx $214 mm) becoming a wholly owned subsidiary.
Bond, who joined the Canadian bike maker in 2019 as general manager, has been named CEO succeeding owner Raymond Dutil, as he steps down to become executive chairman and coach of innovation.
Athleta has filed a trademark infringement and unfair competition suit against sportswear designer and distributor Sports Group Denmark A/S in CA northern district court, accusing it of infringing on its name and pinwheel logo.