Sporting Goods Industry News for August 15, 2018
Comprehensive net income slipped 43% to RMB532,749,000 ($83.5mm) from RMB934,629,000 in the first half, despite 14% higher revenues of RMB771,859,000 ($121.0 mm) vs. RMB674,660,000.
Comprehensive net income was up 62% to ¥466.8 million ($4.3 mm) from ¥287.6 million in the fiscal first quarter ended Jun. 30 on sales of ¥10,780.1 million ($98.8 mm), up 6% from ¥10,128.9 million.
A ¥712 million charge for foreign currency translation drove a comprehensive net loss of ¥248 million ($2.3 mm) against income of ¥497 million in the fiscal first quarter ended Jun. 30 as revenues inched up 1% to ¥21,849 million ($200.3 mm) from ¥21,591.
The Canadian e-tailer, which hosts e-commerce sites for some 600,000 merchants, said its customers can no longer sell assault rifles and 3D printed guns on its site.
Net income was $12,071,000 against $2,096,000 for the quarter ended Jul. 14 as a $13.0 million gain on the sale of its Stiga equity more than offset a 10% decline in sales to $48,684,000 from $53,921,000 caused by the cold spring weather.
The Western District of KY federal court dismissed former Louisville basketball coach Rick Pitino’s “Outrage” claim against the Big a and ordered that their dispute be heard in Oregon before a binding arbitrator, as provided for in the original contract between the two.
Adjusted sales for sporting goods/hobby/book and music stores declined 5% to $6,626 million in July from $6,964 million last year, according to Commerce Dept. data.