August 25, 2022
CEO Barry McCarthy, in his quarterly shareholder letter, compared the interactive fitness company to a cargo ship like one he worked on as a high schooler, but perhaps he should have considered a cruise ship comparison given the company’s needs to attract more younger, female and value-oriented customers to steer into “breakeven” cash flow waters by the second half of FY23.
Net income declined 47% in the second quarter to $24,713,000 from $46,696,000 on 6% lower revenues of $392,805,000 down from $419,257,000, with comps tumbling 9.2%, lapping last year’s 6.4% comp decline from 2020’s record quarter.
Net income rose 20% in the first half at the Chinese apparel maker to RMB 2,366,616,000 ($357.7 mm) from RMB 2,226,278,000 on revenues that increased by RMB 13,592,789,000 ($2,054.5 mm) from RMB 11,368,606,000.
Net income fell 35% to $28,909,000 in the second quarter from $44,212,000 last year on revenue that was down 6% to $312,268,000 from $332,230,000, including -13.8% store comps.
Gap Inc.’s women’s active apparel banner posted sales of $344 million for the second quarter, up 1% over $341 million last year, as comps declined 8%.
Agit Global is recalling about 124,000 paddles sold with model year 2015 through 2020, Wave Storm, Storm Blade, Ozoboard, True Wave, Bloo Tide, Dorsal, and Rock It Surf stand-up paddleboards.
Trek Bicycle is recalling about 3,200, 2022 Speed Concept SLR and 2021-2022 Emonda SLR bicycles and about 900, 2020-2021-2022 aftermarket Bontrager Aeolus RSL VR-C handlebar/stems because the carbon handlebars can crack.