Trump Tax Proposal Silent on Border Adjustment Tax
While not explicitly rejecting the controversial proposal to tax imports, a plan opposed by the vast majority of the retail and sporting goods industries, President Trump’s plan looks sure to get a thumbs up from most of the industry as it does call for a reduction in the corporate tax rate from 35% to 15% on both C and S Corp. businesses and does not include the Border Adjustment Tax.
The small town operator lowered guidance by a whopping $0.30 per share because of comps that are expected to be down 4-5% for the first quarter ending Apr. 29.
WMAR’s net loss narrowed to $7,270,000 from a loss of $9,113,000 in the seasonally small first quarter ended Apr. 1, on 1% lower revenues of $129,063,000 from $130,405,000 and flat comp store sales.
Net income increased 20% to SEK 203 million ($22.7 million) from SEK 169 million in the first quarter, as sales expanded 16% to SEK 1,599 million ($179.2 million) from SEK 1,380 million.
The Kering-owned extreme sports brand saw sales decline 4% to €55.2 million ($58.8 million) from €57.2 million in the first quarter, pulled down by the struggling specialty retail segment in the U.S.
Retail/Rental Revenues at the company’s 200-plus ski and snowboard stores increased 3.4% during the 2016-17 season-to-date.
Ohio State safety Malik Hooker and Notre Dame quarterback DeShone Kizer will be the latest prospects to wear the Jumpman, joining LSU safety Jamal Adams who signed last month.
Chromag Bikes is recalling about 100 Chromag bicycle stems because the clamping bolts that secure the stem to the fork steerer and/or the handlebars can break.