September 08, 2022
Net income tanked 87% to $3,067,000 from $23,998,000 hurt by shrinking margins as net sales fell 18% to $219,993,000 from $268,666,000 in the second quarter.
Net income was just $3,312,000 in the fiscal first quarter ended July 31, down 96% from last year’s extraordinary $76,882,000, on sales that tumbled 69% to $84,394,000 from $274,609,000.
Net loss was $5,695,000 for the period ended July 31 against a profit of $3,457,000 as gross margin slipped 410 basis points to 43.6% on a combination of lower sales and higher freight and promotional costs.
As inflation pressures persist and the Fed raised interest rates to cool demand, retail imports are expected to fall below last year’s levels for the remainder of the year, as July imports inched down less than 1% year-over-year to 2.18 million Twenty-Foot Equivalent Units, according to the NRF and Hackett Associates.
E-mail addresses and passwords were the target of a cyber attack at both VF Corp. brands’ e-commerce sites, and the attackers may have accessed consumer’s personal account information.
Peloton Interactive is facing civil monetary penalties in the United States over its May 2021 recalls of its Tread+ and Tread treadmills, it disclosed in its annual report filing yesterday.
The recovery footwear maker struck a deal with the Las Vegas Raiders to become the official recovery footwear of the team and also sees Raiders QB Derek Carr invest in the company and ink a brand ambassador deal.
Tethrd is recalling about 7,700 model year 2022 One Stick GEN 2 climbing sticks because one or more of the climbing stick’s steps can crack under pressure, causing them to break.