Under Armour Probe Focuses On End of Quarter Sales
In what might be called a penetrating glimpse into the obvious, the Wall Street Journal reports that the Justice Department and SEC investigations into Under Dog’s accounting practices are scrutinizing end of quarter sales that were pulled forward in order to keep the streak of 20+% sales growth quarters going, even as demand had slowed and the Sports Atrocity bankruptcy had taken out a major customer.
Comprehensive net income attributable to shareholders at the Taiwan-based bike maker was down 37% to NT$366.3 million ($12.1 mm) in the third quarter from NT$582.4 million on 4% higher revenues of NT$16,980.5 million ($530.4 mm) up from NT$16,249.5 million driven by electric bike sales in Europe and the recovery of the Chinese domestic bike market.
Asics Ventures’ Tenkan-Ten (Tipping Point) program, which was established in Nov. 2016, has chosen five more early stage companies to receive €30,000 investments along with management and strategic support.
The family of Gert Boyle, former chair of Columbia Sportswear, will host a Celebration of Life in her honor on Dec. 5, 2019.